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LME Shadow Downtrend—But Inventories Down 32% From recent Highs.

LME Shadow Downtrend—But Inventories Down 32% From recent Highs.

According to data issued by the London Metal Exchange (LME) on September 26, The LME Zinc Stocks Dropped to 59500 Metric Tonnes, a New Low in More Than Two Years.

LME zinc inventory decreased by 3.21% From 59,500 MT comparing to 61,475 MT on Friday. LME stock have Decreased by more than 32% since September 1.

The Inventory of copper is still rising, and in recent days, the inventory increase has been swift. As of September 26, there were 129000 metric tonnes in stock, the highest level since 20 August 2022.

At $7,292 a tonne, benchmark copper on the LME was down 2.35%. The Red metal which is widely used in the building and power industries, hit $6955 earlier,. Which was its lowest level on 15 July 2022. With 129,000 tonnes of copper in storage. Read More

LME Copper inventories have increased by more than 11.4% since September 1. While cancelled warrants—metal slated for delivery—are down to about 7% from 50% in late August.

The value of metals denominated in dollars for holders of other currencies is rising, which will reduce demand. The dollar’s value relative to a basket of other major currencies is close to its highest level since May 2002. – SHREE METAL PRICES