]Copper inventories in both SHFE and LME markets pulled back, with LME copper inventories dropping to a new low in over a year

Data released by the London Metal Exchange (LME) showed that LME copper inventories continued to decline last week, with the latest inventory level reaching 114,475 mt, the lowest in over a year.

The latest data released by the Shanghai Futures Exchange indicated that during the week of June 13, SHFE copper inventories dropped back slightly, with weekly inventories increasing by 5.08% to 101,943 mt. International copper inventories increased by 299 mt to 11,373 mt.

Last week, COMEX copper inventories continued to increase, with the latest inventory level reaching 196,046 mt, hitting a nearly seven-year high.

Note: Generally speaking, 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 June 2025: (Unit: mt)