Wednesday brought a sharp acceleration in the pace of warrantings at Singapore and Pusan in South Korea and also a 2,000t tranche of arrivals at Gothenburg in Sweden.
The latter is noteworthy because it is the first significant arrival of metal at any European location since August. As we looked at in yesterday’s MI, registered tonnage in the region has been steadily depleted in recent months on the back of strong demand and a squeeze on duty-paid metal in the physical market.
Meanwhile, the recent heavy cancellation activity at Singapore appears to be translating fairly fast into actual draws with departure rates picking up strongly at this location.
A tranche of fresh cancellations at Pusan keeps the overall ratio of cancelled tonnage in the system steady at 7.3%.
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