White metal just hit an all-time high, and the catalyst? Shanghai's storage facilities are running dangerously thin. We're talking critical shortage territory here.

The physical supply crunch is real. When inventories at major trading hubs drop to these levels, it typically signals intense demand pressure or supply chain disruptions—sometimes both. What's interesting is how quickly this unfolded.

Market participants are clearly reacting to the tightening availability. Some traders see this as a fundamental shift in the supply-demand equation, while others wonder if speculative positioning is amplifying the move. Either way, the price action speaks volumes.

Keep an eye on how other regional exchanges respond. If inventory levels remain depressed while prices consolidate at these elevated levels, we might be looking at a sustained uptrend rather than a temporary spike.