The LME headline figure registered its first net fall Monday in over a week, largely because the recent pace of arrivals dropped several gears.
The return of the front months of the LME curve to contango should translate into lower arrivals over the coming period, as should the passage of the end of March, which is the end of the financial year for many global players.
Whether that's enough to turn the steady up trend in LME stocks remains to be seen. Draw activity remains extremely humdrum with low levels of cancelled stocks the key constraining factor.
Fresh cancellations picked up yesterday, largely thanks to tranches of T-bar at Gothenburg and Trieste moving into the cancelled category. Both locations, however, have a recent history of steady but modest draws rather than any spectacular one-off hits.
The overall ratio of cancelled tonnage has perked up ever so slightly but at 2.6% remains lows by historical standards.
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