MI NASAAC stocks analysis: Fresh 2007 lows

LME-registered stocks of NASAAC fell by 1,680t last week and the Oct-5 boost to stocks from 3,100t of arrivals has now been worked off with the result that the headline figure Friday hit a fresh 2007 low and the lowest level since Aug 2006. It was also a bumper week for fresh cancellations—a total 4,620t moving into this category. That's left the system pump-primed for accelerated draw activity in the coming days, suggesting new 2007 lows are just a matter of time.