SHFE copper inventories dropped to a nearly two-month low, while New York copper inventories surged to their highest level in over six years.

The London Metal Exchange (LME) released data showing that LME copper inventories fluctuated within a range last week, continuing to pull back overall. On April 3, inventories dropped to a new low of 210,450 mt in over eight months, followed by a slight rebound, with the latest inventory level at 210,800 mt.

The latest data from the Shanghai Futures Exchange revealed that SHFE copper inventories continued to decline during the week of April 3, with weekly inventories decreasing by 4.06% to 225,736 mt, reaching a new low in nearly two months. International copper inventories increased by 3,711 mt to 25,410 mt.

Last week, COMEX copper inventories accumulated rapidly, with the latest inventory level reaching 104,659 mt, the highest in over six years.

Note: Generally, a continuous decline in domestic and overseas exchange inventories will support futures prices, while an increase will have a bearish impact.

Comparison of Copper Inventories Across Three Major Exchanges Since 2023

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