Data released by the London Metal Exchange (LME) showed that LME copper inventories continued to rebound last week, reaching a nearly two-year high. However, inventories declined this week, with the latest inventory level standing at 139,575 mt.
The latest data released by the Shanghai Futures Exchange (SHFE) indicated that SHFE copper inventories continued to decline in the week ending August 1, with weekly inventories decreasing by 1.2% to 72,543 mt, hitting a new low in over seven months. International copper inventories decreased by 772 mt to 10,844 mt.
Last week, COMEX copper inventories continued to increase, with the latest inventory level reaching 261,180 mt, the highest since February 2004.
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 Three Major Exchanges Since 2023
The following are copper inventory data at three major exchanges since July 2025 (unit: mt):
