The LME headline figure staged a modest net decline Monday that has it eyeing again the cycle low of 678,900t recorded exactly a week ago.
Yesterday brought continued inflow into Asian locations but the pace dropped and was offset by a strong draw rate, which is currently being boosted by the movement of an 8,025t tranche at Gwangyang. The South Korean location still has 4,000t in the cancelled category, so a couple more days of strong draws here look to be on the cards.
A moderate cancellation rate—1,025t in total—did not match the pace of draws and the overall ratio of cancelled tonnage sank back to 5.6%, which suggests current inflated draw rates are not going to be sustained for too long.
Note, by the way, the further attrition of residual holdings of sow in the UK. Tyne & Wear has seen 825t of cancellations in the last two reporting days which have reduced open tonnage to 3,300t.
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