London Metal Exchange (LME) zinc stocks have more than doubled to 145,975 metric tons over the last month and are now at their highest level since February 2022. What started in July as a trickle of metal into the market of last resort has turned into an August flood with 76,425 metric tons placed on LME warrant since the start of last week. LME three-month zinc hit a near three-year low of $2,215 per metric ton in May. Currently trading around $2,280, zinc is now down by 24% since the start of January, making it the second weakest performer among the LME base metals after nickel.
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