The LME headline figure sunk to a fresh 11-month low Monday thanks to high "out" side activity at Singapore, where draws are still responding to the big (24,750t) cancellations a week ago. The location still holds 18,650t in the cancelled category and after four consecutive days of strong draws, it looks like all this metal is on the move. If so, this will continue to bolster draw rates over the next few days.
However, elsewhere cancelled tonnage is falling and quite sharply. With only 325t of fresh cancellations Monday—mostly from residual sow stocks in the UK—the ratio of cancelled tonnage has slid to 5.6%.
Meanwhile, metal hit the system for the second consecutive day at Asian locations, albeit in not sufficient quantities to halt the current mini-downtrend.
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