Copper Holds Firm Amid Divergent Global Stockpiles
Copper prices held firm on September 22, closing at $14,797.00 per metric ton, despite a fractional gain of just 0.06%. However, this stability belies a more nuanced picture in global copper stockpiles.
The London Metal Exchange (LME) saw copper stocks decline by 1,625 metric tons, representing a daily contraction of 0.64%. This outflow indicates tightening supply conditions in European warehouses.
In contrast, COMEX inventories rose 0.08% to 696,776 metric tons, driven by tariff front-loading and logistics rather than genuine demand. Meanwhile, the Shanghai Futures Exchange (SHFE) saw stocks climb 2.36% to 56,073 metric tons, suggesting a temporary restocking phase in Asia.
The divergent stockpile pictures across London, New York, and Shanghai offer a clearer view of underlying demand conditions than price ticks alone. Copper's resilience above its full-year average of $607.599 per pound indicates sustained structural support, but this is tempered by the fact that combined global inventories remain elevated.