We thought it odd that two weeks ago there were no deliveries of metal into LME warehouses, as the tightness in the spread was likely to be causing some of the shorts a problem. However, last week this changed as 28,900 tonnes of stock was delivered into warehouse. In addition, 83,450 tonnes of cancelled warrants were put back on warrant, which meant they may well have been used to deliver against short positions.
展开▼
