SHFE copper inventory continues to decline, reaching a new low in nearly four months

Data released by the London Metal Exchange (LME) showed that LME copper inventories continued to decline last week, with the latest inventory level at 191,775 mt, hitting a ten-month low.

The latest data released by the Shanghai Futures Exchange indicated that during the week of May 9, SHFE copper inventories continued to decrease, with weekly inventories falling by 9.63% to 80,705 mt, reaching a new low in nearly four months. International copper inventories increased by 531 mt to 13,767 mt.

Last week, COMEX copper inventories continued to accumulate, with the latest inventory level at 160,250 mt, hitting 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 at the three major exchanges since April 2025: (Unit: mt)