MI NASAAC stocks analysis: Up for second straight week

LME-registered stocks of NASAAC rose by a net 2,480t last week, following on the heels of the previous week's 240t net rise. Last week's inflow all came on Friday in the form of 3,100t at Owensboro, split between 2,280t of T-bar and 820t of small sow. Draws lost their pace in the first part of the week but outflow began to re-accelerate as the week wore on. That was a response to a high level of cancellation activity—2,720t last week—which has left the system pump-primed for more solid draws in the days ahead.