Stocks registered with the Shanghai Futures Exchange rebuilt modestly from the previous week's low of 17,293t with a net weekly rise of 3,980t to 21,273t.
However, that's still a low number by historical standards and the headline figure is still showing a significant 25,209t year-to-date decline.
It's also worth noting that stocks in Shanghai itself and at Guangzhou fell further in the week to Thursday with only a sharp rise in those at Wuxi generating the net increase.
Stocks registered with the LME carried on ticking lower Thursday, largely due to the lack of "in" side activity—a key feature so far this week.
Draw rates remain highly modest and until we see an increase in cancellation activity they are likely to remain so. Yesterday's fresh 1,700t of cancellations did little more than support the overall ratio of cancelled tonnage at a still low 3.6%.
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