According to Reuters, sources say Trafigura has been pulling large amounts of zinc from LME warehouses in Singapore, sending some to the US — likely to cover Nyrstar’s supply during an upcoming shutdown at its Clarksville smelter.

LME zinc stocks have dropped over 30% since late July, with another 33,000 t set to leave. Prices are up around 5% this month to $2,850/t, and the cash discount has nearly vanished.

Some of the zinc is also said to be tied to “rent-deals”, and traders suggest the US shipments could be ahead of potential import tariffs once a trade investigation wraps up.