Copper inventory performance of the two major exchanges diverged and copper inventory in Shanghai decreased by nearly 20%.

London Metal Exchange (LME) data showed that Lun copper stocks fell to a new low of 69600 tons in more than 16 years on March 8, and then began to recover. Lunn copper stocks fluctuated in a range last week, rising sharply on Friday, with the latest inventory level of 79500 tons, rising to a new high in more than a month.

According to the latest data released by the Shanghai Futures Exchange, copper inventories in Shanghai fell sharply last week, falling for two weeks. In the week of March 18, inventory levels fell 19.89% to 129506 tons, the lowest level in a month. Last week, international copper stocks continued to hold steady at 79211 tons.

Comparison of copper stocks in the three major exchanges since 2020

The following is the copper inventory data of the three major exchanges since February 2022: (in tons)

Last week, New York copper stocks rebounded to the latest level of 72648 tons.

Note: generally speaking, declining stocks in domestic and foreign exchanges will support the futures price, otherwise, it will be bad for the futures price.