Copper: Exchange-monitored stockpiles continue to surge, exceeding the 2018 peak this week to reach 905 kt, with strong inflows across all three major exchanges in London, Shanghai, and New York. Manufacturers are increasingly baulking at current high prices, and the combination of softer demand and rising availability has flipped London’s nearby structure from a USD 120/t backwardation to a USD 82/t contango, signalling a shift from tight to looser spot conditions.

By exchange, LME inventories rose by 55.5 kt to 171.7 kt, Shanghai stocks increased by 12.4 kt to 226 kt, while COMEX holdings climbed 15 kt to 507.4 kt. As a result, COMEX’s share of total global stocks has slipped to 56%, down from a December peak of 62%.