LME Lead ·as of September 3, 2026
LME Lead warehouse stock is 396.8K mt as of September 3, 2026, down 6.5% in the past 30 days.
The Desk's read
Lead on warrant sits at 396,825 mt as of 2026-09-03, the 99th percentile of the 19-year record; that is metal warranted for delivery against LME futures, and the pile is deep. What movement there is builds rather than drains: the trailing 40-report change ranks at the 92 percentile of all such stretches, well toward the build side. The 30-day change of -8.7% trims from a stack that remains among its fullest ever. We track the next daily LME stocks report next trading day; watch whether the build-side pace holds.
On the September 3, 2026 figures.
Measured in metric tons (mt). At the 99th percentile of LME Lead's 19-year recorded history, today's warehouse stock is higher than most of what's on record, an unusually full warehouse. Over the past ~8 weeks it has built up faster than usual, among the quickest 1% of stretches like it on record. That pace is easing off.
Total stock: 396.8K mt · The Desk's LME Feed
24h Change
-0.69%
7d Change
-2.3%
30d Change
-6.5%
Cash Price
$1,870
USD per tonne, official LME settlement
3-Month Price
$1,905
USD per tonne, delivery in three months
Cash vs 3-Month
Contango
3-month $35 over cash · 27+ straight sessions
Meanwhile, around this number
Rate of build · past 12 months
239.3K → 396.8K mt
Among the fastest ~8-week builds since 2008 (top 1%, not a record).
Eased off the recent peak of 456.6K mt.
What a build means
Warehouse metal is metal that was produced or imported but not used. Over the past year LME Lead piled up by +157,500 mt, which tends to point to a physical surplus, not a price call.
All-Time High
456.6K mt
July 15, 2026 · current 13.1% below
All-Time Low
20.2K mt
February 6, 2023 · current 1864.5% above
Where Today Sits
99th percentile
of the 19-year daily record
All six LME warehouses
Total Stock History
LME Lead total stock
June 8, 2026 to September 3, 2026
Source: London Metal Exchange official daily warehouse reports via Westmetall. Units: metric tonnes of total stock. Daily history back to 2008; long windows are downsampled to 500 plotted points.
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How to Read This Data
Metal in LME-listed warehouses is the market's visible, exchange-tracked supply; a drain or build here changes how tight physical metal reads.
- On-Warrant Stock
- Metal directly claimable against active futures contracts. This is the most liquid form of LME inventory and the focus of most squeeze analysis.
- Cash vs 3-Month
- The gap between metal for delivery now (cash) and in three months. Cash above 3-month (backwardation) signals near-term tightness. 3-month above cash (contango) is the normal carry state.
- Depletion Signals
- Rapidly falling inventory alongside rising prices signals physical scarcity — a potential squeeze. Watch on-warrant levels closely near delivery dates.
Common questions
- When did LME Lead total stock last fall below 400K mt?
- LME Lead total warehouse stock fell below 400K mt on September 2, 2026 and stands at 396.8K mt as of September 3, 2026.
- When did LME Lead total stock last rise above 300K mt?
- LME Lead total warehouse stock rose above 300K mt on July 14, 2026 and stands at 396.8K mt as of September 3, 2026.
More questions
- When did LME Lead total stock last rise above 350K mt?
- LME Lead total warehouse stock rose above 350K mt on July 14, 2026 and stands at 396.8K mt as of September 3, 2026.
- What is the current LME Lead on-warrant inventory?
- LME Lead warehouse stock stood at 396.8K mt as of September 3, 2026, per the daily LME warehouse report. The daily series we publish is total stock in LME-approved warehouses; the on-warrant/cancelled split is not reported in that feed, so we do not state an on-warrant figure.
- What is on-warrant stock on the LME?
- On-warrant stock is metal in LME-approved warehouses that is backed by a live warrant and available to settle contracts. It is the most liquid, immediately deliverable form of LME inventory and the figure most watched for squeeze risk.
- What is a cancelled warrant?
- A cancelled warrant is metal that an owner has earmarked for physical withdrawal from the warehouse. It is still on site but on its way out, so a rising share of cancelled warrants points to metal leaving the deliverable pool.
- What does falling LME inventory signal?
- Steadily falling on-warrant stock, especially alongside rising cancelled warrants and firmer prices, points to tightening physical availability. It tends to coincide with delivery pressure rather than predicting a price move on its own.
- What do contango and backwardation mean on the LME?
- Contango means metal for delivery in three months costs more than metal for delivery today, the normal state, because storing and financing metal has a cost. Backwardation is the reverse: cash metal costs more than the 3-month contract, which usually signals near-term tightness in physical supply.