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LME lead stocks plunge 3,775 tonnes in a day, biggest drop in recent period
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On September 23, the London Metal Exchange (LME) reported significant inventory movements. Lead inventories saw a sharp single-day decline of 3,775 tons, the largest recent drop, bringing total stocks to 365,925 tons, a new phase low. Tin ended a consecutive decline with a 30-ton increase, raising total inventory to 4,675 tons, with its warrant cancellation ratio rising to 24.28%. Copper inventories fell by 1,750 tons to 252,500 tons, with a high cancellation ratio of 51.22%. Aluminum decreased by 750 tons, nickel by 30 tons, while zinc edged up by 150 tons. The Shanghai Metals Network highlighted lead's explosive destocking as the day's standout event, noting copper's steady decline and high cancellation ratio, and suggested monitoring tin's rebound as a potential stabilization signal. Nickel's cancellation ratio rose to 6.38%, a recent high. The data is based on the previous trading day's closing figures, as the report is published before the official LME release.
Source report
On September 23, lead stood out in the LME inventory market, posting a significant decline of 3,775 tonnes — the largest single-day drop in recent weeks. Total lead inventory fell below the 366,000-tonne mark, closing at 365,925 tonnes and hitting a new near-term low.
Tin ended its consecutive decline, rising by 30 tonnes to bring total inventory back to 4,675 tonnes, with the cancellation ratio climbing to 24.28%.
Copper fell by 1,750 tonnes, bringing total inventory to 252,500 tonnes, with a cancellation ratio of 51.22%. Aluminium decreased by 750 tonnes, nickel fell by 30 tonnes, and zinc edged up by 150 tonnes.
Key Inventory Changes
| Metal | Change (tonnes) | Total Inventory (tonnes) | Cancellation Ratio | |-------|----------------|--------------------------|---------------------| | Copper (LME) | ▼ 1,750 | 252,500 | 51.22% | | Aluminium (LME) | ▼ 750 | 241,375 | 1.20% | | Nickel (LME) | ▼ 30 | 278,598 | 6.38% | | Lead (LME) | ▼ 3,775 | 365,925 | 9.65% | | Zinc (LME) | ▲ 150 | 114,875 | 12.30% | | Tin (LME) | ▲ 30 | 4,675 | 24.28% |
Inventory Highlights
- Lead recorded a single-day drawdown of 3,775 tonnes, a recent record, with total inventory continuing to hit new near-term lows, indicating strong destocking momentum.
- Copper inventory declined steadily, with the cancellation ratio remaining at a high 51.22%.
- Tin ended its consecutive decline with a 30-tonne rebound, and the cancellation ratio rose to 24.28%, raising attention to whether this signals a potential stabilisation.
- Nickel saw its cancellation ratio rise to 6.38%, a new near-term high.
Overall, lead's explosive destocking was the standout feature of the day.
Note
LME official inventory data is released daily at 16:00. This column, along with spot quotes and midday reports, is published between 14:00 and 15:00 daily, using the previous trading day's closing data from a "recap" perspective.
For the latest LME inventory data on the same day, please visit www.shmet.com, where updates are published daily at 16:00.
Source
上海金属网Regional
Part of this Story
LME base metals inventories show mixed moves; lead plunges, zinc surges