LME Zinc Cancelled Warrants Rise Sharply as Backwardation Widens to $231/Tonne

Published: Aug 28, 2026 16:26 (GMT+8)

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On August 28, 2026, LME zinc inventories increased by 75 tonnes to 97,950 tonnes, up 0.08%. Meanwhile, cancelled warrants rose sharply by 19,125 tonnes to 22,350 tonnes, lifting the cancelled-warrant ratio to 22.82%, compared with 3.6% on the previous day.

The increase in cancelled warrants was mainly driven by warehouses in Singapore. At the same time, the LME zinc cash-to-three-month structure continued to widen, reaching a backwardation of $231/tonne, highlighting the need to remain alert to potential structural risks in the market.

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