On September 9, London Metal Exchange (LME) non-ferrous metal inventories and changes were as follows:

1. Copper inventory: 235,825 tonnes, down 1,900 tonnes from the previous day.

2. Aluminum inventory: 244,525 tonnes, unchanged from the previous trading day.

3. Nickel inventory: 270,924 tonnes, down 84 tonnes from the previous day.

4. Zinc inventory: 115,675 tonnes, up 300 tonnes from the previous day.

5. Lead inventory: 384,450 tonnes, down 600 tonnes from the previous day.

6. Tin inventory: 5,260 tonnes, down 75 tonnes from the previous day.

Analysis and Commentary

Copper

LME copper inventories fell by 1,900 tonnes from the previous day; this notable destocking reinforces expectations of tight supply and demand, providing strong support for both spot and futures prices—a moderately bullish factor.

Nickel

LME nickel inventories decreased by 84 tonnes from the previous day; this slight destocking offers some support to spot and futures prices, though the bullish impact is limited.

Aluminum

LME aluminum inventories remained unchanged from the previous trading day; with no significant supply-demand drivers currently in play, the impact on aluminum prices is neutral.

Zinc

LME zinc inventories rose by 300 tonnes compared to the previous day; this slight accumulation exerts some downward pressure on spot and futures prices, acting as a bearish factor.

Lead

LME lead inventories fell by 600 tonnes compared to the previous day; this inventory drawdown provides support for spot and futures prices.

Tin

LME tin inventories decreased by 75 tonnes compared to the previous day; overall inventory levels remain low, and the magnitude of the drawdown is significant, providing strong support for spot and futures prices.

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