LME-registered stocks of alloy fell by 740t last week in what marked an acceleration of the downtrend that has now been in place since the end of January. The headline figure is showing a year-to-date decline of 1,880t, or 1.9%.
There were no arrivals in the system last week—and there haven't been since Feb 9—while draws came from Antwerp (140t), Genoa (100t), Trieste (160t), Rotterdam (80t) and Singapore (260t).
Falling cancelled tonnage looked as if it was going to cause the downtrend to slow but Friday brought 400t of fresh cancellations—all at Singapore and all in the form of DIN226 ingot. That brought the weekly total to a respectable 620t and at least partly refills the cancelled pipeline.
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