MI alloy stocks analysis: Still one-way traffic

The last arrivals of alloy in the LME system were back in July and since then it's all been one-way traffic. Registered stocks fell by another 1,800t last week with the headline figure still daily punching out fresh 2007 lows and now back at levels last seen in August 2006. The rate of fresh cancellation eased to "just" 1,120t last week but current cancelled tonnage will continue supporting robust daily draws for some days yet.