LME inventories: lead down 2,075t, tin down 105t, copper down 1,075t

Inventory draws across most LME base metals point to tighter near-term availability, with zinc and lead showing the largest declines in absolute terms. For physical-market participants and holders of short-dated spread positions, that tightening is the notable signal, while nickel stands out as the exception with a build. Whether these draws reflect genuine consumption or logistical shifts is the open question, and the nickel divergence is worth watching as a possible counterweight.