The headline figure for LME-registered stocks of aluminium ticked a little lower yesterday, which largely reflected the absence of fresh arrivals for the third consecutive day.
Draw rates remain rather lacklustre, which is a function of low cancelled tonnage in the system—currently at 5.6%.
Nor did Monday bring much improvement in the cancelled pipeline with only Trieste seeing any significant movement. This Italian location holds 26,250t of registered metal, which arrived in Feb and Mar and which was "locked up" until a few days ago. A total 2,200t have now been cancelled here, including yesterday's 500t, suggesting it will shortly join the list of active locations on the "out" side.
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