LME copper inventories dropped to a nearly nine-month low, while SHFE copper inventories hit a more than two-month low.

The London Metal Exchange (LME) released data showing that LME copper inventories first increased and then decreased last week, with the latest inventory level dropping to 208,775 mt, the lowest in nearly nine months.

The latest data from the Shanghai Futures Exchange revealed that SHFE copper inventories continued to decline in the week ending April 11, with weekly inventories decreasing by 18.96% to 182,941 mt, the lowest in over two months. International copper inventories increased by 2,378 mt to 27,788 mt.

Last week, COMEX copper inventories continued to accumulate, with the latest inventory level reaching 117,821 mt, hitting a new high in over six years.

Note: Generally, continuous declines in domestic and overseas exchange inventories will support futures prices, while increases 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):