Copper Nears Record Highs as Shanghai Inventories Hit 3-Year Low

Key Facts

In a move reflecting intensifying pressure on global industrial metal supplies, copper prices extended their winning streak to six sessions, nearing unprecedented historical levels. According to reports, copper on the London Metal Exchange (LME) rose to $14,783 per metric ton, closing within just $92 of the all-time record set on September 10. This rally is primarily driven by tightening global supply and increased urgency among buyers to secure physical metal.

Market data indicates that copper stockpiles in Shanghai warehouses have dropped to their lowest levels in three years as Chinese buyers restock ahead of consecutive public holidays. This drain in Asian inventories coincides with a broader tightening of spot supply, effectively erasing the selloffs witnessed in previous weeks. Analyst reports confirm that the depletion of available warehouse stocks is providing significant fundamental support to the current upward price trajectory.

Based on data as of the close of September 23, 2026, traders are closely monitoring technical resistance levels near the previous record highs. With authoritative price data currently unavailable for real-time updates, market focus remains on physical inventory flows. The upcoming economic calendar shows no immediate direct catalysts for industrial metals, suggesting that price action will likely be dictated by supply-side constraints in major global exchange hubs.