Copper prices dropped to a five-week low on Thursday, October 22, 2026, as rising inventories in London Metal Exchange (LME) warehouses eased some supply concerns. Benchmark three-month copper on the LME fell 1.8% to $14,089 a metric ton, hitting a session low of $14,031, the weakest level since September 15.
LME copper stocks increased for a fourth consecutive day, with 29,050 tons added on Wednesday, primarily in the US storage hub of New Orleans. Total LME copper inventories now stand at 272,950 tons, the highest since July 24, with around 62% of all LME copper inventories currently in the US.
Alastair Munro, senior metals strategist at broker Marex, attributed the recent build in LME copper stocks to the shrinking COMEX premium as contract delivery dates draw closer. Traders had been shipping copper to the US COMEX exchange earlier this year to avoid potential import tariffs, which pushed COMEX prices higher than LME prices. However, the front of the curve now shows COMEX trading at a discount to the LME, encouraging flows back to the LME.
Other industrial metals also declined, with aluminium falling 1% to $3,010 a ton, zinc losing 2.2% to $3,670, and lead dipping 0.7% to $1,896.50. Nickel slid 1% to $16,060 after a 3.7% jump in the previous session on signs of production cuts in Indonesia, while tin dropped 1.7% to $50,330.