LME lead stocks fell 4.7% in December, to 351,725 tonnes, and have since fallen to 350,875 tonnes as of last Friday. What is interesting is the pick-up in outflows. Since the start of December, the average daily outflow was 1,694 tpd, compared with 814 tpd between September and the end of November. However, as cancelled warrants have started to fall it may be that this wave of stock withdrawals slows. Cancelled warrants peaked at 47,700 tonnes on December 12 and now stand at 23,350 tonnes.
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