The near one-month downtrend, which saw the headline figure fall from mid-Oct to mid-Nov by 14,900t to a low of 676,500t, seems to have turned for now.
Yesterday's sharp rise in the headline figure brings the cumulative rise over the last 5 reporting days to 7,150t.
Singapore and both South Korean locations were again active on the "in" side, extending recent arrival patterns.
At the same time draws are slowing and can be expected to continue doing so given falling cancelled tonnage in the system. "Reverse" cancellations at both Gwangyang and Singapore Monday more than offset 500t of fresh warrantings of T-bar at Trieste.
In outright terms cancelled tonnage has fallen to a fresh 2006 low, while the ratio of cancelled tonnage in the system has slid to an equally depressed 3.2%.
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