MI alloy stocks analysis: No let-up in downtrend

LME-registered stocks of alloy fell by another 1,740t last week, maintaining the accelerated downtrend evident over the two previous weeks. With no arrivals in the system since mid-July, the headline figure continues to punch out fresh 2007 lows on a daily basis and is now back at levels last seen in August 2006. Last week brought 2,020t of fresh cancellations, off the pace of the previous week's 3,560t, but cancelled tonnage is still high and will support robust draw rates for several more days.