Global Copper Inventories Reach Highest Level in 23 Years

Authoritative exchange data from the London Metal Exchange provide the foundation for assessing copper inventories, and industry reports have recently highlighted a surge in global exchange copper stocks. A widely cited industry article reports that combined global exchange copper inventories (LME, SHFE, COMEX) surpassed 1 million tonnes for the first time in roughly two decades, indicating a multi-decade high. Additional market commentary corroborates unusually elevated exchange stock levels. This aligns with the claim that inventories are at their highest in well over 20 years and plausibly since the early 2000s, which would be about 23 years depending on the exact date. However, two caveats temper confidence: (1) the sources explicitly state 'first time in two decades' but do not precisely confirm '23 years,' so the exact duration is inferred rather than directly stated; and (2) the phrase 'global copper inventories' can be broader than 'global exchange inventories,' potentially including off-exchange stocks, which the cited reports do not cover. Given the consistency of evidence pointing to a multi-decade high for global exchange inventories, the statement is likely true, but precision on the '23-year' specific and the inventory scope keeps confidence at medium.