LME Copper Stocks Fall 1,625t; Zinc Jumps 5,550t, Lead Down 3,725t

The split here is the story: zinc's build is the largest single move in the data, while copper and lead drawdowns point to tighter nearby availability in those metals. Because LME warehouse levels feed directly into spreads and physical premiums, the divergence matters more than any one number — it suggests metal is being reshuffled rather than uniformly absorbed or released. Whether zinc's inflow is a one-off delivery or the start of a rebuild, and whether copper's decline extends, are the open questions worth tracking in the next few prints.