Jul 20, 2026
LME lead stocks pinned at the top of a 19-year record after a 48.9% one-month build, while both COMEX gold coverage and registered gold sit near the floor of their short-run range.
LME lead is the standout: 452,075 mt puts it at the 100th percentile of a 19-year record, and it got there fast, up 48.9% over 30 days. The daily move is a flat -0.4%, so the extreme is in the level and the speed of the build, not in today's tick.
The base-metals build rhymes across venues. COMEX copper hit a 6-month high at 694,778 short tons, up 6.8% on the month, so metal is accumulating in registered warehouses on both boards at once.
The gold picture pulls the other way. COMEX gold coverage sits at the 12th percentile of its 6-month record and is down 14.2% over 30 days, while registered gold at 14.78M oz marks a 6-month low; the daily reads are effectively flat, so the thinning happened over weeks, not in a single session. Silver's deliverable share moved opposite, up to a 6-month high at 29.2%.
On the energy side, SPR crude at 316.5 MM bbl is the lowest since April 1983, sitting at the 1st percentile of a 44-year series after a 9.4% monthly drawdown. The data shows a board where the base metals are piling up and the deliverable gold cover is draining, two moves happening at very different speeds.
US gasoline stocks are 210.5 MM bbl, the lowest since November 2025, down 0.7% on the week and 2.1% over 30 days. That sits at the 36th percentile of a 37-year record, so low but not extreme.
LME lead stocks are 452,075 mt, the 100th percentile of a 19-year record, after a 48.9% build over 30 days. The daily change is a quiet -0.4%, so the story is the size of the month-long accumulation, not today's move.
SPR crude is 316.5 MM bbl, the lowest since April 1983 and the 1st percentile of a 44-year record. It is down 9.4% over 30 days; a thin strategic reserve leaves less buffer to absorb supply disruptions.
COMEX copper stocks are 694,778 short tons, a 6-month high, up 6.8% over 30 days. Registered warehouse metal is accumulating on the exchange.
Tokyo retail gold sits at Y23,118/g, the 98th percentile of a 38-year record, though down 1.4% on the day and 6.8% over 30 days. The level stays historically high even as the recent move eases off.
COMEX gold coverage is 38.5%, the 12th percentile of its 6-month range and down 14.2% over 30 days. Coverage measures how much registered metal backs open contracts, so a low reading means a thinner cushion under paper claims.
COMEX silver deliverable share is 29.2%, a 6-month high, up 8.5% over 30 days. A larger share of the vaulted silver is registered as available to settle contracts.
COMEX registered gold is 14.78M oz, a 6-month low at the 3rd percentile of its short range, down 2.9% over 30 days. Registered metal is the pile actually pledged for delivery, and it has been quietly draining rather than dropping in any single session.
Sources: CME Group COMEX warehouse reports, LME warehouse data, EIA Weekly Petroleum Status Report, ETF issuer filings, and venue price quotes. Every figure is computed straight from the stored source data; percentiles rank today's level against the series' full record.