LME Copper stockpiles on the US rise – Commerzbank

Copper inventories at US warehouses tracked by the LME rose for the first time since December 2023, up by 175 tonnes, ING's commodity experts Ewa Manthey and Warren Patterson note.

China’s refined Copper output rise 15% year-on-year

"In the first half of the year, inventories were moved to the US from LME and SHFE warehouses, largely driven by US prices trading above the benchmark LME prices. The divergence came as the US announced a 50% tariff on Copper imports. However, the tariff was later only applied to semifinished Copper products; refined and concentrate imports were exempted."

"As a result, Comex prices returned largely in line with the LME prices. However, it still trades moderately higher, providing traders with an incentive to move metal into Comex rather than LME depots."

"Meanwhile, the latest numbers from the National Bureau of Statistics (NBS) show that China’s refined Copper output rose 15% year-on-year to 1.3mt in August, primarily driven by stronger ore purchases. Among other metals, zinc output rose 23% YoY to 651kt (the highest level since March 2024), as smelters benefited from higher fees and improved ore supply, whereas lead production increased 3.7% YoY to 667kt for the period."