The headline figure has returned to levels last seen a month ago thanks to the flow of metal onto warrant at Singapore and Pusan. Singapore has seen 5,300t of arrivals over the last three reporting days, while the 900t at Pusan Tuesday brings the cumulative total to 12,275t since this tranche of metal started arriving on Nov 14.
Draw rates are now slowing, which was only to be expected in light of recent low cancellation activity. The latter perked up a little yesterday with a total 2,975t of fresh cancellations—the best single-day total in more than two weeks.
That's helped the ratio of cancelled tonnage recover slightly to 3.5% but by historical standards it's still a low level and doesn't promise much in terms of futures draws, unless we see more cancellations come through at this sort of rate in the next few days.
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