MI alloy stocks analysis: Still trending higher

LME-registered stocks of alloy rose by a net 220t last week, extending the weekly up trend to eight consecutive weeks and leaving the headline figure showing a year-to-date gain of 43,760t, or 82.7%.

Draws out of Rotterdam (200t including Friday's action) were outpaced by warrantings at Antwerp.

Fresh cancellations were a modest 140t but with 1,000t of the previous week's 1,180t still to move out of Genoa, we're expecting an acceleration of draw rates in the days ahead.