LME: Zinc Stocks Up 2,375t; Copper Down 1,325t

The standout is the divergence: zinc builds while every other base metal in the report draws down, which suggests the flows are warehouse- or contract-specific rather than a broad demand signal. With copper, aluminium, lead, tin and nickel all declining together, the direction of LME inventories — not the daily tonnage — is the thing worth tracking, particularly whether zinc's build continues against that backdrop.