Copper inventories in both the SHFE and LME markets pulled back, with LME copper inventories dropping to a new low in over eight months.

The London Metal Exchange (LME) released data showing that LME copper inventories reached a one-and-a-half-month high on February 19, then entered a downward trend. Last week, inventories continued to decline, with the latest inventory level at 212,925 mt, hitting a new low in over eight months.

The latest data from the Shanghai Futures Exchange revealed that SHFE copper inventories pulled back during the week of March 28, with weekly inventories decreasing by 8.21% to 235,296 mt, marking a new low in over a month. International copper inventories decreased by 176 mt to 21,699 mt.

Last week, COMEX copper inventories overall rebounded, with the latest inventory level at 94,466 mt, reaching a one-month high.

Note: Generally, continuous declines in domestic and overseas exchange inventories will support futures prices, while the opposite will have a bearish impact on futures prices.

Comparison of Copper Inventories Across the Three Major Exchanges Since 2023

Below are the copper inventory data from the three major exchanges since March 2025 (unit: mt):