LME Zinc inventories grow, Copper inventories go down by quite a bit, ING’s commodity strategists Ewa Manthey and Warren Patterson note.

The lowest net longs for Copper in more than half a year

“LME Zinc inventories increased by 23,625 tonnes (the biggest daily addition since 22 November 2023) to 263,150 tonnes yesterday - the highest since 3 April 2024. The majority of the inflows were reported from warehouses in Singapore. On-warrant stocks reported gains after falling for four consecutive sessions, rising by 23,675 tonnes to 238,475 tonnes yesterday.”

“In Copper, recent statements from BHP suggest that the main union at the Escondida Copper mine in Chile declined to resume talks following a new company invitation to reach an agreement. The company said it initiated the demobilization of striking workers and activated contingency plans. Meanwhile, the mine workers who are not part of the negotiation are able to continue working.”