Interesting copper action this Monday morning

Over the weekend, Chile's copper overseeing people Cochilco reported that LME cancelled warrants (i.e. trades that require physical delivery of copper, not just paper-only pit trades at the LME) stood at 23.79% of inventory (62,125kt). Link here.

This morning in Scotia's morning mailer, your humble scribe reads that LME cancelled warrants have shot to 40% of inventories. That's a big move, ladies and gentlemen. Here below is the blurb and charts pasted from the Scotia thingy, reprinted without permission (hah, bite me dudes):

- Copper Update - Big Cancelled Warrant action today likely Causing Some Short Covering:  Nearby copper spreads have been aggressively bid this morning on the back of a around 41kt increase in cancelled warrants - now 40% of LME inventories are cancelled warrants.