Although the recent downtrends in LME and COMEX stocks slowed last week, outflows continued. Withdrawals from LME warehouses remain the most pronounced trend, averaging 2,075 tpd last week. The headline total was last at 528,050 tonnes, which is around 27,000 tonnes or 4.9% below mid-February’s peak. LME cancelled warrants remain at around 4-5% of total stocks, so the recent rate of outflows could well continue.
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