After last weeks reasonable inventory build ( i will put that down to apprehension around trumpy) there is once again a shfe drawdown ( 96 tonnes) despite the volatility in commodoties and uncertainty. Also a 100 t drawdown on lme. Material is tight and that isnt changing despite the macro thematics about trump spelling doom to chinas manafacturing. Unless myanmar and indonesia return in force several smelters will have to throttle.
MLX Price at posting:
43.5¢ Sentiment: Buy Disclosure: Held
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