25 May — Global copper inventories have recently shown a clear divergence. Data from the Shanghai Futures Exchange (SHFE) showed that copper inventories posted a slight increase in the week ending May 22, snapping a nine-week decline. Meanwhile, London copper inventories remained at elevated levels despite tightening available stocks, while COMEX copper inventories continued to surge to fresh record highs. Analysts said the global flow of copper inventories has undergone a structural shift since the United States signalled potential import tariffs on copper in 2025, with copper resources increasingly moving toward the US market and reshaping global supply chains.
SHFE Copper Stocks Rebound Slightly but Remain Low
Latest SHFE data showed that copper inventories rose 1.55 per cent in the week ending May 22 to 183,447 tons, ending a nine-week downward trend. Although weakening seasonal demand contributed to a modest inventory build, stock levels remain near a more than four-month low, continuing to provide underlying support for copper prices.
At the same time, inventories of Shanghai International Energy Exchange (INE) copper fell by 1,697 tons to 21,503 tons, indicating resilient demand in China’s physical copper market.
LME Copper Stocks Stay High While Available Inventories Tighten
According to data from the London Metal Exchange (LME), copper inventories continued to decline slightly last week, with total stocks standing at 391,900 tons, still near the highest level in more than 12 years. However, available copper inventories dropped to 275,525 tons, marking the lowest level in around 10 weeks.
Most of the newly cancelled warrants were concentrated in warehouses registered in the United States and Taiwan, China, pushing the proportion of cancelled warrants on the LME to 30 per cent. This suggests tightening spot supply conditions in Asian consumption markets.
COMEX Copper Inventories Continue to Surge to Record Highs
In contrast to the trends seen in London and Shanghai, COMEX copper inventories continued to rise, reaching 633,977 tons and setting another all-time high.
The surge followed policy signals from the Trump administration in 2025 regarding potential import tariffs on copper and other critical minerals, which triggered a structural shift in global copper inventory flows. Traders have increasingly redirected copper supplies into the US market to hedge against tariff risks and capture cross-market arbitrage opportunities, driving sustained inventory accumulation on COMEX.
Tariff Policies Reshape Global Copper Flows
US tariff policies have not only boosted COMEX inventories but also altered the structure of LME stocks. North America now accounts for a significantly larger share of LME copper inventories compared with other metals, contributing to shrinking available inventories in major Asian consuming regions.
As copper is increasingly stockpiled as a financial asset, global supply imbalances have intensified, leaving copper prices more vulnerable to geopolitical developments and trade policy changes.
Industry analysts believe that, in the short term, low inventory levels in Asia will continue to support copper prices, while elevated US inventories and uncertainty surrounding potential tariffs remain major market risks. Over the longer term, the restructuring of global copper supply chains appears increasingly evident, prompting downstream companies to closely monitor policy developments and inventory flows to manage market volatility risks.
The data cited in this article is sourced from publicly available market information and is for reference only. It does not constitute investment advice.
Source：Changjiang Nonferrous Metals Network