]Copper inventories in both SHFE and LME markets pulled back, with LME copper inventories dropping to a new low in over a year

Published: Jun 16, 2025 15:12

Save

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 Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM's internal database model. They are for reference only and do not constitute decision-making recommendations.

For any inquiries or for more information, please contact: lemonzhao@smm.cn

For more information on how to access our research reports, please contact:service.en@smm.cn

Related News

4 mins ago

Antofagasta Proposes Index-Based Pricing for Copper Concentrate Contracts

Chile's Antofagasta has reportedly proposed using spot-market index pricing for copper concentrate contracts with Chinese smelters covering the second half of 2026 and the first half of 2027, moving away from the traditional fixed TC/RC benchmark system. Since the 1980s, annual treatment and refining charges (TC/RCs) have served as the industry's benchmark pricing mechanism for copper concentrate contracts. However, tightening concentrate supply, rapid smelter capacity growth and record-low spot TC/RC levels have increasingly challenged the traditional framework. Spot TC/RC assessments have recently fallen to a record low of around -US$147.3 per tonne. A broader shift toward index-linked pricing could significantly reshape future copper concentrate contract negotiations and pricing mechanisms.

4 mins ago

9 mins ago

BHP Plans Sale of Chile Power Transmission Assets to Strengthen Copper Focus

BHP is reportedly advancing plans to sell approximately US$1.5 billion worth of power transmission assets in Chile, including around 1,000 km of transmission lines supplying electricity to its Escondida, Spence and Cerro Colorado copper operations. According to media reports, the transaction could be completed as early as this year, although the final structure and potential buyers are still under review. The move as part of BHP’s broader strategy to streamline its portfolio and focus on core commodities such as copper. The company has continued to expand its copper exposure through projects including the Vicuña copper district development in Argentina, driven by growing demand linked to electrification and the energy transition.

9 mins ago

12 mins ago

LME Updates Rules for Russian Copper Registration to Comply with EU Sanctions

The London Metal Exchange (LME) announced new requirements for the registration of Russian-origin copper and cobalt in EU-based LME warehouses as part of measures to comply with the European Union's latest sanctions package against Russia. Under the updated rules, Russian-origin copper and cobalt can only be registered in EU-listed warehouses if evidence is provided showing the material was imported into the EU before July 25, 2026. The measure follows the EU's 20th sanctions package, which includes restrictions on imports of Russian copper and other metal products. The LME noted that no Russian-origin copper or cobalt has been warranted in EU-based LME warehouses for more than a year and therefore expects limited market impact from the new requirements.

12 mins ago