LME: Copper Stocks Rise 3,050t; Lead Falls 8,175t

The split between a copper build and a sharp lead draw is the signal here: LME warrant movements are read as a proxy for near-term physical tightness, and the lead decline is large enough to matter for spreads and the cash-to-three-month structure. This lands on traders and physical holders watching the exchange's daily stock reports rather than on broader crypto or RWA markets. Whether the lead draw reflects genuine consumption or stock relocation, and whether copper builds continue, is the open question.