Inflow at Asian locations continued yesterday with Pusan in South Korea receiving another 2,000t of ingot. However, the draw rate improved by just enough to generate a small fall, ending a string of five consecutive “up” days.
The rate of fresh cancellation perked up a little yesterday with 3,500t moving into the cancelled category. This has lifted slightly the overall ratio of cancelled tonnage to 5.3%, although it should be said that that level is still low by recent standards and suggests only a marginal improvement in “out” side activity in the days ahead.
Among yesterday’s cancellations we’d draw particular attention to the 1,500t of T-bar at Trieste. This marks the first sign of movement from the 22,700t that were put on warrant at the Italian location over the course of late February/early March. It’s too early to say but it may be an indication this metal—untouched since then—may be on the move.
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