Cancelled warrants at LME warehouses fell over the course of January to 2.05mt. This represents a decline of approximately 170,000 t compared to the level recorded at the end of December 2012. The fall has been driven by low additions of cancelled warrants in January. As seen in the chart, new cancelled warrants at LME warehouses only reached 58,000 t - the lowest level since November 2011. Due to the subdued levels of new cancelled warrants in January, total outflows exceeded inflows at LME warehouses, causing stock levels to fall from 5.21mt in December to 5.16mt at the end of January.
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