[Wenhua Statistics] SHFE copper inventory drops by over 30%, hitting a two-and-a-half-month low

Data released by the London Metal Exchange (LME) showed that LME copper inventories continued to decline overall last week, with the latest inventory level at 203,450 mt, reaching a low point in over nine months.

The latest data released by the Shanghai Futures Exchange indicated that during the week of April 25, SHFE copper inventories continued to decrease, with weekly inventories falling by 31.97% to 116,753 mt, hitting a new low in two and a half months. International copper inventories decreased by 1,967 mt to 13,336 mt.

Last week, COMEX copper inventories continued to rebound, with the latest inventory level at 131,976 mt, marking a new high in over six 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 for the three major exchanges since April 2025: (Unit: mt)