COMEX Copper Inventory
Physical copper stocks in COMEX-approved warehouses
Delivery Notices
Daily Delivery History
What Is COMEX Copper Inventory?
COMEX copper inventory represents the total physical copper stored in CME Group-approved warehouses. Unlike precious metals (measured in troy ounces), copper is measured in pounds and stored as refined copper cathodes meeting Grade 1 specifications with 99.99% purity. These warehouse stocks back copper futures contracts and provide a transparent view of deliverable supply in North America.
Why COMEX Copper Inventory Matters
Copper is often called "Dr. Copper" because its price is considered a barometer for global economic health. COMEX copper inventory levels reflect the balance between industrial consumption and mine supply. Low inventory can signal strong manufacturing activity and construction demand, particularly from China (which consumes over 50% of global copper). The energy transition, including electric vehicles and renewable energy infrastructure, is creating additional demand pressure on copper supply.
Registered vs Eligible Copper
As with precious metals, COMEX copper inventory is divided into registered (warranted for delivery) and eligible (meets standards but not warranted) categories. Copper producers and merchants store eligible copper in COMEX vaults for convenience, only registering it when they intend to deliver against futures contracts. Monitoring the split between registered and eligible copper helps gauge how much supply could quickly become deliverable if market conditions change.
How to Read COMEX Copper Inventory Trends
Copper inventory tends to follow seasonal patterns, with drawdowns during peak construction and manufacturing seasons (typically spring and fall). Compare COMEX levels with LME warehouse stocks for a global perspective. Watch for divergences between COMEX and LME: copper flowing from COMEX to LME warehouses may indicate stronger demand in Asia or Europe. Rapid inventory declines during off-peak seasons can be especially significant, as they suggest structural demand growth beyond normal cycles.
Frequently Asked Questions
- How is COMEX copper inventory measured?
- Unlike gold and silver (measured in troy ounces), COMEX copper inventory is measured in pounds. Copper is stored as cathodes meeting LME Grade A specifications with a minimum purity of 99.99%.
- Why is COMEX copper inventory important for industrial users?
- Copper is a critical industrial metal used in construction, electronics, electric vehicles, and renewable energy. COMEX copper inventory provides visibility into available supply. Low inventory levels can signal supply tightness that affects manufacturing costs worldwide.
- How does COMEX copper inventory compare to LME stocks?
- COMEX and the London Metal Exchange (LME) are the two largest copper futures exchanges. Traders monitor both inventories together for a complete picture of global copper supply. Copper can flow between exchanges depending on regional price differences and demand patterns.
- What is the difference between COMEX and LME copper?
- Both exchanges trade copper futures, but COMEX copper is priced in US dollars per pound and stored in US warehouses, while LME copper is priced per metric ton with global warehouse locations. The COMEX copper contract (HG) is 25,000 pounds, making it a benchmark for North American copper pricing.
- Where are COMEX copper warehouses located?
- COMEX-approved copper warehouses are located across several US cities including Tucson, Salt Lake City, New Orleans, Baltimore, Detroit, El Paso, and Owensboro. The geographic spread of these facilities reflects the distribution of copper production and consumption in the United States.