Ratio of Cancelled Warrants for LME Copper Inventories Continues Rising

Published: Jul 22, 2026 18:15

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Data released by LME showed that on July 21, copper inventories stood at 284,175 mt, down 6,750 mt from the previous period, while cancelled warrants reached 177,025 mt, with the proportion rising to 62.29%. US tariffs remain unresolved, and the current LC nearby price spread has widened again to above $400/mt, while the far-end spread has widened to $700-900/mt. China's social inventory of copper cathode has fallen to a low level, and recently the CIF China spot copper cathode premium has continued to surge. The ratio of cancelled warrants in US and Asian warehouses has been rising continuously.

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