LME-registered stocks of aluminium fell by a net 4,475t last week with arrivals at Singapore (2,800t) and Gwangyang in South Korea (1,975t) outpaced by draws from Singapore (4,475t), Pusan (2,250t), Johor (550t), Rotterdam (550t), Sweden (850t) and Baltimore (525t).
That underlines the leading role of Singapore in the daily LME warehouse stocks right now and it will continue to dominate "out" side activity in the coming days at the very least. Singapore saw big cancellation activity last month and still holds 23,975t in this category, by far and away the largest concentration in the system.
The next two biggest concentrations are the 4,725t at Gothenburg and the 3,975t at Rotterdam, which suggest that the erosion of registered tonnage in Europe—a key feature of the tail end of 2006—is going to continue for a while yet.
US locations were highly active on the "in" side around the middle of last month, Detroit and Baltimore receiving 30,975t between them. But this activity has stopped in the last couple of weeks and the bias has shifted back to modest draw activity at Baltimore.
However, NYMEX-warranted tonnage continues to rise, the headline figure recording another 660-ton increase last week to 24,235 tons (21,986 metric).
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