LME Zinc ·as of September 11, 2026
LME Zinc warehouse stock is 109.6K mt as of September 11, 2026.
The Desk's read
Zinc on warrant in LME-approved sheds, the metal warranted for delivery against futures, is building at its fastest clip since the record began nineteen years ago; the trailing 250-report change ranks among the most build-heavy stretches of that span. The pile grew 14.9% over 30 days. Yet at 109,575 mt the stock sits only in the lower fifth of its 19-year record, so a fast build lifts a still-modest pile toward the middle. Watch the next daily LME stocks report for whether the build holds.
On the September 11, 2026 figures.
Zinc cash settled $143 above the 3-month contract on September 11, 2026. Buyers are paying a premium for prompt metal (backwardation).
Measured in metric tons (mt). Set against LME Zinc's 19-year recorded history, today's warehouse stock is lower than most of what's on record, a relatively thin warehouse. Over the past ~4 weeks it has moved in line with its usual pace.
Total stock: 109.6K mt · The Desk's LME Feed
24h Change
-1.6%
7d Change
-2.3%
30d Change
+24.5%
Cash Price
$4,015
USD per tonne, official LME settlement
3-Month Price
$3,872
USD per tonne, delivery in three months
Cash vs 3-Month
Backwardation
cash $143 over 3-month · 28+ straight sessions
Meanwhile, around this number
Rate of build · past 12 months
49.0K → 109.6K mt
Pace in line with its usual ~4-week range since 2008.
Eased off the recent peak of 398.0K mt.
What a build means
Warehouse metal is metal that was produced or imported but not used. Over the past year LME Zinc piled up by +60,600 mt, which tends to point to a physical surplus, not a price call.
All-Time High
1.24M mt
December 6, 2012 · current 91.1% below
All-Time Low
15.6K mt
February 7, 2023 · current 602.4% above
Where Today Sits
in the lower third of its record
19-year daily record · 20th percentile
All six LME warehouses
Total Stock History
LME Zinc 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 Zinc total stock last rise above 100K mt?
- LME Zinc total warehouse stock rose above 100K mt on September 2, 2026 and stands at 109.6K mt as of September 11, 2026.
- When did LME Zinc total stock last fall below 150K mt?
- LME Zinc total warehouse stock fell below 150K mt on October 6, 2025 and stands at 109.6K mt as of September 11, 2026.
More questions
- When did LME Zinc total stock last fall below 200K mt?
- LME Zinc total warehouse stock fell below 200K mt on October 6, 2025 and stands at 109.6K mt as of September 11, 2026.
- What is the current LME Zinc on-warrant inventory?
- LME Zinc warehouse stock stood at 109.6K 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.