Data released by the London Metal Exchange (LME) showed that LME copper inventories fell to a nearly two-year low on June 30, before rebounding somewhat. Last week, LME copper inventories continued to accumulate, with the latest inventory level reaching 108,725 mt, the highest in nearly a month.
The latest data released by the Shanghai Futures Exchange showed that during the week of July 11, SHFE copper inventories dropped back slightly, with weekly inventories decreasing by 3.7% to 81,462 mt, at a relatively low level in nearly two months. International copper inventories increased by 3,711 mt to 15,679 mt.
Last week, COMEX copper inventories continued to accumulate, with the latest inventory level reaching 234,204 mt, the highest in over seven years.
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 copper inventory data at the three major exchanges since June 2025 (Unit: mt):
![BC Copper Moved Sideways with a Slight Gain; Price Spread Between SHFE and LME Inverted Further [SMM BC Copper Commentary]](https://imgqn.smm.cn/usercenter/gCNEi20251217171715.jpeg)
