MI NASAAC stocks analysis: Back to the lows

LME-registered stocks of NASAAC fell by 1,940t last week, not quite reversing the previous week's 2,480t increase. That prior-week rise was down to some accelerated (3,100t) inflow at Owensboro. There was no repeat of that last week. Indeed, there were no arrivals at all. As a result the headline figure is working its way back down to the low of 120,460t just before the action at Owensboro. A relatively full cancelled pipeline—thanks to 760t of fresh cancellations last week—suggests the headline figure will hit new lows unless we see arrivals in the next day or two.