Since March 2025, COMEX copper cathode inventories have been building steadily from 83,876 tonnes, reaching a total of 537,540 tonnes as of February 11, 2026, representing an increase of over 450,000 tonnes in visible inventories over the past year.On February 12, 2026, inventories at the exchange recorded their first decline, falling by 1,225 tonnes to 535,715 tonnes.According to SMM market sources, COMEX registered warehouse capacity has been nearly saturated over the past year. Following the recent reversal in the LME–COMEX spread, there are signs that newly added inventories, as well as part of the existing stocks, may begin shifting toward the LME.

SMM Morning Meeting Minutes: LME copper opened at $13,025/mt overnight, initially dipped to $12,975/mt, then fluctuated upward and touched a high of $13,228/mt near the close, finally settling at $13,185/mt, up 0.96%, with trading volume reaching 15,200 lots and open interest at 327,000 lots, an increase of 2,466 lots from the previous session, overall showing a pattern of bulls increasing positions. The most-traded SHFE copper contract 2603 opened at 101,740 yuan/mt overnight, touched a low of 101,280 yuan/mt at the beginning, then the center of copper prices gradually shifted upward and tested 102,500 yuan/mt, finally settling at 102,450 yuan/mt, up 0.93%, with trading volume reaching 41,800 lots and open interest at 165,000 lots, a decrease of 4,251 lots from the previous session, overall showing a pattern of bears reducing positions.

Data released by the London Metal Exchange (LME) showed that LME copper inventories continued to decline last week, with the latest inventory level reaching 114,475 mt, the lowest in over a year. The latest data released by the Shanghai Futures Exchange indicated that during the week of June 13, SHFE copper inventories dropped back slightly, with weekly inventories increasing by 5.08% to 101,943 mt. International copper inventories increased by 299 mt to 11,373 mt. Last week, COMEX copper inventories continued to increase, with the latest inventory level reaching 196,046 mt, hitting a nearly seven-year high. 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 June 2025: (Unit: mt)

Data released by the London Metal Exchange (LME) showed that LME copper inventories maintained a downward trend last week, with the latest inventory level at 132,400 mt, hitting a new low in nearly a year. The latest data released by the Shanghai Futures Exchange indicated that during the week of June 6, SHFE copper inventories rebounded slightly, with weekly inventories increasing by 1.52% to 107,404 mt. International copper inventories held steady at 11,074 mt. Last week, COMEX copper inventories continued to accumulate, with the latest inventory level at 187,877 mt, reaching a new high in nearly seven years. Note: Generally, 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 May 2025: (Unit: mt)

SMM Morning Meeting Summary: Overnight, LME copper opened at $9,604.5/mt, fluctuated considerably to reach an intraday low before surging straight up to a high of $9,636.5/mt. It then fluctuated downward, touching a bottom of $9,578/mt near the close, and ultimately closed at $9,615/mt, marking a 1.24% increase. Trading volume reached 15,000 lots, and open interest reached 286,000 lots. Overnight, SHFE copper was closed.

》Check SMM copper quotes, data, and market analysis 》Subscribe to view historical price trends of SMM metal spot cargo SMM May 30 At 11:30 today, the futures closing price was 78,100 yuan/mt, down 150 yuan/mt from the previous trading day. The average spot premiums/discounts were 170 yuan/mt, up 20 yuan/mt from the previous trading day. Today, the price of secondary copper raw material dropped 300 yuan/mt MoM. The price of bare bright copper in Guangdong was 72,400-72,600 yuan/mt, down 300 yuan/mt from the previous trading day. The price difference between copper cathode and copper scrap was 1,142 yuan/mt, up 189 yuan/mt MoM. The price difference between copper cathode rod and secondary copper rod was 1,115 yuan/mt. According to the SMM survey, secondary copper raw material import traders indicated that COMEX copper prices pulled back this week, so the absolute value of the discount for secondary copper raw material in the US decreased. However, LME copper prices only dropped slightly, so the discount coefficient quoted by local suppliers did not change. In Europe, the local supply of secondary copper raw material remained tight this week, so prices did not pull back.