Latest News

US copper exchange inventories hit all-time high

The U.S. Comex exchange has approved warehouses that have copper inventories exceeding 400,000 short tonnes for the first. A favorable price arbitrage is continuing to attract metal into the United States.

The London Metal Exchange's (LME) copper prices are around $10,760 for a metric ton. Comex copper prices, however, are 5 cents a pound, or about $11,023 metric tons. This means arbitrage shipments into the United States can be profitable.

Comex copper stocks As of November 21, data from the exchange showed that there were 402,876 short tonnes (365,483 tons metric) - a record breaking number. The previous record was 399,458 in January 2003, after quadrupling.

Inventory levels soared in March, as traders raced to send metal to the United States in advance of President Donald Trump's proposed import tariffs. The 50% tariffs on imported copper were eventually lifted for refined copper.

Inventory levels have not decreased, but instead risen because of the ongoing review of U.S. imports of copper. By the end of 2026, Commerce Secretary Howard Lutnick will provide Trump an update on the domestic copper market.

Traders are stockpiling copper in the United States to prepare for a possible U.S. duty on refined imports.

According to the U.S. Geological Survey's estimates, the U.S. refined consumption of copper was 1,58 million metric tonnes in 2024. This means that Comex stocks are equivalent to nearly one quarter the annual demand for the U.S.

The number of people on the LME is also higher than the total. The Shanghai Futures Exchange, in the top copper consumer China, is the main metals market, with 155,750 tons. At 110,603 tons.

(source: Reuters)