MI alloy stocks analysis: Cancelled tonnage at 5-month highs

A raid on warrants at Singapore has lifted cancelled tonnage to its highest level in five months. A total 1,200t of DIN226 ingot moved into the cancelled category at Singapore yesterday. Singapore now holds 2,620t of cancelled warrants, equivalent to a high 11.0% of registered tonnage at this location. That promises a continuation of recent robust draw rates here—it lost 440t of DIN226 yesterday. Genoa lost 40t of A380 ingot and this Italian location also has a relatively full cancelled pipeline with 1,220t in the cancelled category—a ratio to total registered tonnage here of 5.6%. The overall ratio of cancelled tonnage is now at 7.1%, which is the highest it's been since the beginning of May.