COMEX copper inventories decrease for the first time after nearly a year of large increases, possibly shifting to LME

Since March 2025, COMEX electrolytic copper inventories have steadily accumulated from 83,876 tons, reaching a total of 537,500 tons by February 11, 2026, with visible inventories increasing by over 450,000 tons in the past year. On February 12, 2026, the exchange’s inventory was reduced by 1,225 tons to 535,700 tons for the first time. According to SMM market sources, the registered warehouse capacity on COMEX has been nearly saturated over the past year. Currently, after the LME-COMEX price spread reversal, there is a trend of new inventories and some existing inventories shifting toward LME. (SMM)