Copper Inventories Surge to 23-Year Highs as LME and Comex Stockpiles Jump

All eyes are currently on the copper market. Global copper inventories have climbed to levels not seen in more than two decades. This reflects a rapid shift in supply dynamics across major trading hubs. Combined stocks tracked by the London Metal Exchange, Comex, and the Shanghai Futures Exchange recently reached about 1.02 million tons, marking a 23-year high. Since September, total copper stockpiles have roughly doubled. Comparing these to early 2024, inventories have surged by around 380%.

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Copper Inventories Surge As Comex & LME Stockpiles Hit Multi-Year Highs

A significant portion of that increase has come from the U.S. Comex copper inventories, which climbed to a record 534,405 tons in early February, according to data from CME Group. At the same time, LME copper stocks have risen steadily, with warehouse inflows continuing for about a month.

Exchange officials and analysts say the rise reflects a mix of physical deliveries, repositioning of metal across regions, and adjustments in futures market strategies. In recent months, traders have moved copper into exchange-registered warehouses to take advantage of pricing opportunities and delivery structures. This has contributed to the pace at which copper inventories surge across the world.

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Despite the build-up in inventories, major banks remain constructive on long-term prices. Goldman Sachs expects copper to trade between $10,000 and $11,000 per tonne by the end of 2026. JPMorgan has projected prices reaching about $11,800 per tonne. Meanwhile, Morgan Stanley estimates a base case of $10,650 and a bullish scenario as high as $12,780 per tonne in its copper price forecast for 2026.

Longer-term demand expectations continue to support those projections. The International Energy Agency has reported that copper consumption tied to electrification, including renewable energy and electric vehicles, is expected to grow significantly over the next two decades.

For now, the immediate story is centered on supply visibility. The copper inventories surge provides a clearer idea of available metal. In addition, it reshapes short-term market expectations. The speed of the increase, rather than the absolute level alone, has drawn attention across the commodities sector.

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