[Wenhua Statistics] Copper inventories in both SHFE and LME markets pulled back, with SHFE copper inventories dropping to a new low in over three months

Data released by the London Metal Exchange (LME) showed that LME copper inventories continued their downward trend last week, with the latest inventory level reaching 197,300 mt, a new low in nearly ten months.

The latest data released by the Shanghai Futures Exchange indicated that SHFE copper inventories continued to decline in the week ending April 30, with weekly inventories decreasing by 23.51% to 89,307 mt, a new low in over three months. International copper inventories decreased by 100 mt to 13,236 mt.

Last week, COMEX copper inventories continued to accumulate, with the latest inventory level reaching 152,616 mt, marking 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)