LME Nickel ·as of September 11, 2026
LME Nickel warehouse stock is 274.3K mt as of September 11, 2026, up 3.6% in the past 30 days.
The Desk's read
The pace tells the story the level hides. Metal on warrant in LME-approved sheds, the nickel warranted for delivery against futures, sits at 274,320 mt as of 2026-09-11, mid-range for its 19-year record. Yet the trailing 250-report change ranks among the most drain-heavy 1% of such stretches in that record, even as the 30-day change reads +3.6%. A build in the near term, then, against a deeper backward pull. We track the next daily LME stocks report next trading day; watch whether the recent build holds.
On the September 11, 2026 figures.
Measured in metric tons (mt). Set against LME Nickel's 19-year recorded history, today's warehouse stock is about mid-range for its history, an ordinary warehouse level. Over the past ~4 weeks it has moved in line with its usual pace. That pace is still picking up.
Total stock: 274.3K mt · The Desk's LME Feed
24h Change
+1.0%
7d Change
+1.3%
30d Change
+3.6%
Cash Price
$16,270
USD per tonne, official LME settlement
3-Month Price
$16,415
USD per tonne, delivery in three months
Cash vs 3-Month
Contango
3-month $145 over cash · 28+ straight sessions
Meanwhile, around this number
Rate of build · past 12 months
228.5K → 274.3K mt
Pace in line with its usual ~4-week range since 2008.
Eased off the recent peak of 289.5K mt.
What a build means
Warehouse metal is metal that was produced or imported but not used. Over the past year LME Nickel piled up by +45,852 mt, which tends to point to a physical surplus, not a price call.
All-Time High
470.4K mt
June 4, 2015 · current 41.7% below
All-Time Low
26 mt
April 10, 2012 · current 1054976.9% above
Where Today Sits
in the upper third of its record
19-year daily record · 75th percentile
All six LME warehouses
Total Stock History
LME Nickel total stock
June 15, 2026 to September 11, 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 Nickel total stock last rise above 250K mt?
- LME Nickel total warehouse stock rose above 250K mt on October 16, 2025 and stands at 274.3K mt as of September 11, 2026.
- When did LME Nickel total stock last rise above 200K mt?
- LME Nickel total warehouse stock rose above 200K mt on June 16, 2025 and stands at 274.3K mt as of September 11, 2026.
More questions
- When did LME Nickel total stock last fall below 300K mt?
- LME Nickel total warehouse stock fell below 300K mt on May 23, 2018 and stands at 274.3K mt as of September 11, 2026.
- What is the current LME Nickel on-warrant inventory?
- LME Nickel warehouse stock stood at 274.3K mt as of September 11, 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.