For the first time since March 2022, copper stocks in COMEX warehouses are now higher than those on the London Metal Exchange (LME). The change is due to strong US demand and higher prices for copper in the US compared to other regions.
Although LME copper stocks fell 37% to 164,725 metric tons due to continued withdrawals, COMEX stocks have risen 87% since February to 174,607 metric tons – the highest level since 2018.
The US is also considering imposing tariffs on imported copper to boost domestic production. The price gap between COMEX and LME copper peaked at $1,572 per ton in March and is now at $683. Copper stocks in China are falling, showing signs of a global shortage.
