LME stocks of aluminium rose by a net 6,575t last week, accelerating sharply the previous week's net 350t increase.
Metal was delivered on to warrant daily at Pusan in South Korea, which received 6,825t. Fellow South Korean location Gwangyang received 1,775t and Singapore 5,400t.
Draws from the system, meanwhile, were highly modest, averaging 1,485t per day. That's a function of low cancellation rates and although there was a pick-up in fresh cancellations to 5,400t last week, it did no more than prevent the amount of cancelled tonnage in the system from sliding further.
Both in outright terms and as a percentage of total registered tonnage—a very humble 3.3%--cancelled tonnage is low and that will keep a lid on “out” side activity in the coming days.
Meanwhile, stocks registered with the Shanghai Futures Exchange fell by 9,060t to 17,293t in the week to last Thursday. It's a massive decline from the year's high of 184,602t registered back in May and the headline figure is nudging the year's low of 16,354t seen in September.
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