LME lead stocks fell by 100 tonnes last week, breaking an 18-week run of consecutive uptrends. The headline total was last at 170,300 tonnes, having also registered a down-data yesterday, which bodes well for this week too. The jump in cancelled warrants to 10% of total stocks that occurred at the end of January has resulted in a trickle of outflows from US warehouses recently, as metal is moved into off-warrant financing deals.
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