Monday brought a surge in arrivals, which maybe should be expected given the fun-and-games that have already taken place on and around this Wednesday's December prompt date.
The inflow was split between Asian locations and Detroit in the US. The latter received a total 14,000t, split between 10,400t of sow and 3,600t of T-bar. It follows the warranting of 1,025t at the same location on Friday and that of 6,600t at Baltimore on Thursday.
This is the first time in many months we've seen such significant arrivals of metal into LME warehouses in the US and is testimony to the slackness in the physical market there, even if the timing has obviously been done with one eye on Wednesday.
The inflow at Singapore and Pusan, albeit also significant, can be interpreted as a continuation of recent arrival patterns in the region.
Draws were robust, helped by a resumption of large-scale movement at Singapore. This location also saw another bumper round of cancellations—8,000t of T-bar and 375t of ingot—which was somewhat masked by the jump in the headline stocks figure.
Singapore now holds 15,100t of cancelled tonnage and can be expected to see continued robust "out" side activity in the coming days.
After yesterday's mix of activity, the overall ratio of cancelled tonnage got a minor boost to 4.8% from 4.1% on Friday.
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