Data released by the London Metal Exchange (LME) showed that LME copper inventories continued to rebound last week, reaching a new high of over one month at 122,175 mt.
The latest data released by the Shanghai Futures Exchange showed that SHFE copper inventories dropped back slightly during the week of July 18, with weekly inventories increasing by 3.8% to 84,556 mt, remaining at a relatively low level for two months. International copper inventories decreased by 25.91% to 11,616 mt.
Last week, COMEX copper inventories continued to rebound, reaching a new high of over seven years at 242,837 mt.
Note: Generally speaking, a continuous decline in 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 the copper inventory data at the three major exchanges since July 2025 (unit: mt):
