MI NASAAC stocks analysis: New 07 low; cancellations surge

Another solid round of draw activity Wednesday helped LME-registered stocks of NASAAC fall to their lowest level this year. Fresh lows appear to be only a matter of time since the day also brought a huge surge of fresh cancellations—4,140t of them. The bulk of them—3,740t—came in a combination of ingot and small sow at Chicago. The balance 400t were in the form of T-bar at Baltimore. The action leaves the system primed for accelerated draws in the days ahead.