Thursday brought a second consecutive round of strong cancellation activity. A total 3,225t were cancelled yesterday, bringing the two-day total to 8,250t and lifting the ratio of cancelled tonnage in the system higher to 16.9% or 12275t.
These cancellations have transformed the stocks picture, suggesting as they do a sharp pick-up in draw rates in the days ahead. It’s also noticeable that the market’s nearby structure is responding with a flip from contango back into backwardation.
Stocks of zinc registered with the Shanghai Futures Exchange (SHFE) fell by 384t to 31,091t in the week to Thursday, extending the current very shallow downtrend to eight consecutive weeks.
d.
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