The LME headline figure rose to its highest level since August 2004 Monday, breaking through the interim peak of 793,625t recorded on Mar 7, 2006.
It did so under the weight of heavy arrivals. In truth, both yesterday's action and Friday's, which was characterised by heavy cancellation activity, were the sort of events we were expecting early last week in the run-up to the prime February date.
But, as we noted in our weekly commentary yesterday, despite all the heavy lending around last Wednesday, the dominant long, or at least the major one, is still there in the LME market reports, suggesting the big games in this market are rolling onwards.
The arrivals were liberally scattered through the system, although, extending recent patterns, US locations remain a focal point.
Gwangyang continues to dominate the draw activity and after Friday's 6,225t of fresh cancellations, it's going to be in action for a while yet.
豫公网安备41010502003434号