The LME headline figure rose for the seventh consecutive week with the up trend accelerating to a net 23,075t build from the previous week's already strong 19,350t net increase.
Within the breakdown of movement there were some interesting shifts of pattern. In Asia, the two South Korean locations, which received 1,550t between them, and Singapore, which received 3,000t, were overshadowed by Johor. This Malaysian location last week received 9,325t of fresh warrants, making it the biggest weekly riser and lifting registered tonnage here to 25,000t.
As before, US locations remained highly active on the "in" side, Baltimore, Detroit, New Orleans and St Louis receiving 12,075t between them.
However, for the first time this year US locations also saw sustained cancellation activity, culminating in Friday's 4,875t. The US has seen some modest draws in recent weeks but the bias has been very firmly towards the "in" side. Last week's activity suggests that the flow will at the very least become a bit more evenly matched going forwards.
Singapore saw the most consistent draws of the week, losing 2,575t but activity accelerated sharply at Rotterdam in the second half of the week. The Dutch port lost 2,250t and it seems as if we're now seeing recent strong cancellation activity feed through into actual draws. It still holds 11,325t of recently-cancelled tonnage, suggesting continued robust "out" side action in the coming days.
Overall cancellations totalled 13,950t, which was relatively steady to the previous couple of weeks, as was Friday's ratio of cancelled tonnage at 4.2%.
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