September 23, 2026
Prices
Copper extended its advance on Tuesday, closing just shy of record levels as buying tied to Chinese restocking met continued inventory drawdowns on major exchanges. Three‑month copper on the London Metal Exchange settled at $14,783 a metric ton, up 0.8% on the day and $92 below the all‑time high of $14,875 set on 10 September. That leaves the benchmark less than 1% from its peak and marks a sixth consecutive session of gains. In New York, Comex copper for December delivery touched $6.871 per pound during the session, within two cents of its record settlement at $6.8885. The latest climb has effectively erased the tariff‑driven selloff seen earlier in the month, with price action firm across both London and U.S. venues.
Inventories and Chinese restocking
Visible supply continued to contract. Exchange warehouse stocks in both Shanghai and London declined further, with Shanghai inventories falling to a three‑year low. Buying by Chinese consumers and merchants ahead of back‑to‑back holidays supported immediate demand and reinforced the draw on exchange‑tracked material. Against that backdrop, the market’s near‑term balance tightened as restocking concentrated physical offtake while available cathode in the warehouse system thinned. The dual pull from pre‑holiday procurement and shrinking inventories set the tone through the session, sustaining firm bids and keeping the market anchored near prior highs.
Market context
The approach to record territory reflects concurrent dynamics: seasonal restocking in China and ongoing outflows from exchange warehouses in two key hubs. With LME three‑month prices now a narrow margin from their all‑time high and Comex futures again testing prior records, participants remained focused on daily inventory prints from Shanghai and London for indications of relief or further tightening. For now, the tape reflects a market where visible stockpiles are falling as near‑term demand firms, compressing the buffer that typically cushions price moves. As ever in metals, the balance between exchange‑visible stocks and near‑term offtake underscores the primacy of the physical market, a dynamic that also underpins allocated bullion ownership.
