Copper stocks in London Metal Exchange warehouses rose last week to their highest level since July, after deposits made mostly in North America. In China, exchange stocks fell by more than a quarter, and copper prices were little changed on Monday.
At a glance
- LME copper slipped 0.56% in early Asian trade but was 0.1% higher at $14,328.50 a tonne by 1030 GMT.
- Copper stocks in Shanghai Futures Exchange warehouses fell more than a quarter to 54,356 tonnes last week.
- China's Yangshan import premium reached $168 a tonne, its highest since 2014.
Background
Copper is used in power grids, buildings, electronics and electric vehicles. Earlier this year, the chance of a US tariff on refined copper imports drew metal into the United States, thinning stocks elsewhere and pushing LME copper to a record $14,875 a tonne on September 11. The Yangshan premium is the extra price buyers pay for imported copper in China, so a high premium signals strong Chinese demand.
What happened
Copper stocks in London Metal Exchange (LME) warehouses rose last week to their highest level since July, Reuters reported. The increase came from a batch of deposits into LME-registered warehouses, mostly in North America.
Benchmark three-month copper on the LME fell 0.56% to $14,242.50 a tonne in early Asian trade on Monday. It recovered later and was up 0.1% at $14,328.50 by 1030 GMT.
What is weighing on copper
Worries about the economy and expectations that less metal will flow into the US are adding to a bearish backdrop, Marex senior metals strategist Alastair Munro said in a note. High oil prices, after attacks on Saudi Arabia by Yemen's Houthis, have also hurt demand expectations for copper.
What is supporting it
China's appetite for imported copper is strong. The Yangshan copper premium was $168 a tonne on Friday, its highest since 2014.
Some Chinese smelters are shut for maintenance, and stocks in Shanghai Futures Exchange warehouses fell more than a quarter last week to 54,356 tonnes. The most-traded Shanghai copper contract rose 0.55% to 108,720 yuan a tonne.
What it means
The two big exchanges are moving in opposite directions: copper is building up in LME warehouses in North America while Chinese stocks shrink. A strike at Teck's Highland Valley copper mine in Canada has had little effect on prices, since the mine produces about 100,000 tonnes a year, Panmure Liberum analyst Tom Price said.
Our read
Outlook: neutral. Rising LME stocks and high energy costs weigh on copper, but falling Chinese stocks and a strong import premium support it.
What to watch
- Whether LME copper stocks keep rising as metal moves out of North America.
- The Yangshan premium as a sign of Chinese import demand.
- Any US decision on tariffs for refined copper imports.
For information only, not investment advice.
Copper price in India
metalscost.com India reference price as of 2026-11-07.
Detailed analysis
Timeline
- 2026-09-11: LME copper hits a record $14,875 a tonne.
- 2026-10-26: Reuters reports LME copper stocks at their highest since July.
Inventory Drivers
LME stocks rose to the highest since July, while Shanghai exchange stocks fell more than a quarter to 54,356 tonnes.
What could lift prices
- Shanghai exchange stocks fell more than a quarter in a week.
- Chinese buyers are paying the highest import premium since 2014.
What could weigh on prices
- LME warehouse stocks are at their highest since July.
- High oil prices are hurting demand expectations for copper.
Country impact
| Country | Impact | Reason |
|---|---|---|
| China | Medium | Exchange stocks are falling and import demand is strong. |
| United States | Medium | Metal drawn in by tariff expectations is now going into LME warehouses in North America. |
Industry impact
| Industry | Effect | Reason |
|---|---|---|
| Electrical | Neutral | Copper prices are steady near $14,300 a tonne, below September's record. |
Who gains, who loses
- Copper buyers outside China: More metal in LME warehouses eases worries about supply.
- Chinese copper importers: They are paying a $168-a-tonne premium, the highest since 2014.
Other ways this could play out
- If more US metal moves into LME warehouses, prices could ease further.
- If Chinese stocks keep falling, strong import demand could lift prices.
Price risks
- A US decision on copper tariffs could change where metal flows.
- Higher oil prices could weaken growth and copper demand.
Technical view
Price is trading below both its 20-period and 50-period moving averages, a bearish alignment.
Computed from metalscost.com's own stored price history.
China
United States