LME Copper Inventories Rise for Fourth Straight Day as Copper Prices Hit Five-Week Low
nashnova research
LME three-month copper fell to $14,106.50 per tonne, a five-week low, as inventories climbed for a fourth straight day to 272,950 tonnes — driven by a reversal of the Comex arbitrage trade that had pulled metal into the U.S.
How far has copper fallen?
Three-month copper settled at $14,106.50 per tonne, down 1.7%, after touching an intraday low of $14,076.
That is the weakest level since September 16, erasing five weeks of gains.
Why are inventories surging?
LME copper stocks rose for a fourth consecutive session; on Wednesday alone, 29,050 tonnes were delivered in, mostly at the New Orleans warehouse hub.
Total LME copper inventory now stands at 272,950 tonnes, the highest since July 24.
This means → the market's visible supply of copper has jumped sharply, putting direct downward pressure on price.
Where is this copper coming from?
Marex senior metals strategist Alastair Munro explained: traders had been shipping copper to Comex to capture a price premium driven by fears of potential U.S. import tariffs.
In plain terms = traders bet "copper in America will cost more," so they rushed metal stateside.
Now, as contract delivery dates approach, the Comex premium has narrowed, making the arbitrage unprofitable. Copper is flowing back from Comex warehouses into LME storage.
Is there any floor under the price?
Despite the inventory pressure, concerns over supply bottlenecks outside the U.S. have not faded, offering copper some support.
Weakening tech-sector sentiment is also dragging on industrial metals broadly.
This means → copper's near-term direction hinges on two variables: whether the Comex premium keeps narrowing, and whether non-U.S. supply bottlenecks ease materially.
How are the other metals doing?
Base metals fell across the board: aluminium dropped 0.9% to $3,012.50/t; zinc fell 1.2% to $3,711.
Lead slid 0.5% to $1,900; nickel eased 0.3% to $16,180; tin lost 1.6% to $50,450.
This reflects broad pressure on industrial metals, not a copper-only story.
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