Aluminium stocks fell a net 16,300 tonnes last week, with good two-way stock flow seen, which once again has tended to see most action in the US. That said, there was a pick-up in warrant cancellations in Europe last week which suggests metal may start to leave European warehouses in bigger volume. Open interest has also been climbing, but given the strong price performance that is not surprising, especially as there is likely to have been considerable CTA-type fund buying given the improving price trend.
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