LME stocks dropped 19,350 tonnes last week to 4.27 million tonnes and there was a large warrant cancellation on Thursday that saw a net 43,950 tonnes of warrants cancelled in Chicago and 6,450 tonnes cancelled in Detroit. Premiums for aluminium have softened, Japanese term premiums for the first quarter 2011 have been agreed at $112-$113/tonne, which is the lowest for six quarters.
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