I think the system gets a bit easier to mentally parse if you swap out the phrase "cancelled warrants" for "requested deliveries". That makes it: Requested deliveries: decreased by 3325t Inventory change: decreased by 2825t So, put another way, "even with people requesting fewer deliveries, the inventory still decreased by a large amount".
However, reading through the sino_market feed, I'm pretty sure the negative symbols on the cancelled warrants are causing a double negative that's really counterintuitive to read. The "Cancelled warrants: -1000t" seems to me like it should imply cancelled warrants dropped by 1000t of material, but I think it's actually saying "The net effect of cancelled warrants on inventory was -1000t". I think this because (1) the non-rounded ends of numbers often seem to go in the same direction e.g. -517t of cancelled warrants happens on the same day as -917t of inventory swing, (2) a few instances of cancelled warrants exactly equal to inventory change.
This would mean that an *increase* in cancelled warrants (deliveries) by 2825t caused that much drop in inventory, and the total drop was an extra 500t to make 3325t. (Noting that this is all specifically in the context of the LME)
Please somebody correct me if there's anything I've misinterpreted here.
MLX Price at posting:
27.5¢ Sentiment: Buy Disclosure: Held
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