After the big movements of metal over the back end of 2006—thanks in large part to the battle around the December prompt date—movement of LME-registered aluminium has started the new year in muted mood.
The headline figure has edged down by 1,675t from its year-end level of 698,425t. However, 'we'd expect an acceleration of draw activity at Singapore in the days ahead. This location saw almost 30,000t of cancellations in the one-week period of Dec 15 to Dec 21 and much of that tonnage is still to move. Current cancelled stocks at Singapore total 26,775t.
Note also yesterday's cancellation activity at Gothenburg in Sweden, suggesting continued attrition of already-low exchange stocks in Europe. This is something we look at in more detail in our main item above.
Another point to note is the continued re-build in stocks warranted with the NYMEX. The headline figure rose by 6,842 tons over the second half of December and it is up another 660 tons at 24,235 tons (21,986 metric) over the first two days of the new year.
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