Alex Borzak
⬤ Global copper inventories just hit 964 kilotons - the highest level we've seen in years. Exchange warehouses across the board are filling up fast heading into the Lunar New Year holiday period, when industrial demand traditionally takes a nosedive. Total stocks climbed by 32.1 kilotons in the latest reporting period, marking one of the sharpest buildups in recent memory.
⬤ The increase hit all three major trading venues. Shanghai warehouses packed on about 15.9 kilotons, the London Metal Exchange added roughly 8.3 kilotons, and Comex stockpiles grew by around 7.9 kilotons. What makes this surge particularly notable is the synchronized buildup across regions - this isn't just one exchange seeing unusual activity, it's happening everywhere at once.
⬤ Copper inventories matter because they're basically a real-time health check for global manufacturing. When stockpiles climb this high, it usually means one of two things: either demand is softer than expected, or buyers are holding back ahead of the holiday slowdown. With visible stocks now at multi-year peaks, traders will be watching closely to see how fast consumption picks up once factories restart after the Lunar New Year break.
Alex Borzak
