The LME headline figure is currently in idle, registering a miniscule net decline of 50t over the last five reporting days as inflow and outflow almost match each other.
Both have slowed down in recent days. Arrivals have become almost exclusively focused on the US and Singapore, barring the odd movement onto LME warrant in South Korea.
Draws, meanwhile, remain pedestrian as a function of low cancelled tonnage. There was some improvement on that front Monday with 4,575t moving into the cancelled category—the largest single-day movement for a couple of weeks. However, the ratio of cancelled tonnage in the system remains at a lowly 2.9% and unless more of the same comes through in the next few days, yesterday's action is worth no more than a blip in terms of accelerated "out" side activity.
Note that both Swedish locations featured cancellations. Inflow so far this year has been minimal—just 1,475t at Gothenburg back in January—while registered tonnage in the country has fallen by 14,675t since the start of the year to a current 13,450t, of which 2,750t is now in the cancelled category.
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