MI alloy stocks analysis: More cancellations

More interesting than the single-lot drawdown of DIN226 ingot at Vlissingen Monday was the fact that another 300t of LME alloy moved into the cancelled category. The movement came in the form of A380 ingot at Genoa. It maintains the steady stream of cancellations that are feeding the current downtrend. The ratio of cancelled tonnage in the system remains at a high—relative for alloy at any rate—7.0%.