Data released by the London Metal Exchange (LME) showed that LME copper inventories continued to decline last week, with the latest inventory level standing at 91,275 mt, hitting a nearly two-year low.
The latest data released by the Shanghai Futures Exchange (SHFE) indicated that SHFE copper inventories continued to fall in the week ending June 27, with weekly inventories decreasing by 19.11% to 81,550 mt, reaching a new low in over a month. International copper inventories decreased by 1,688 mt to 11,021 mt.
Last week, COMEX copper inventories continued to accumulate, with the latest inventory level reaching 209,281 mt, hitting a nearly seven-year high.
Note: Generally speaking, a continuous decline in copper inventories at domestic and overseas exchanges will support futures prices, while the opposite will have a bearish impact on futures prices.
Comparison of Copper Inventories at the Three Major Exchanges Since 2023
The following are copper inventory data at the three major exchanges since June 2025 (Unit: mt):
