Jul 28, 2026
The base-metal board split hard today: LME aluminum sits at the lowest level in its 19-year record while LME lead sits at the top of the same window, up 50.5% in 30 days.
LME aluminum stocks hit 271,275 mt, the lowest in the 19-year record, yet the daily move was a quiet 0.5%. The extreme is in the level, not the velocity; inventory has bled 11.6% over 30 days to get here, and the last leg was calm.
That contrasts with LME lead, which sits at the 100th percentile of the same 19-year record and is up 50.5% over 30 days. Two LME metals at opposite ends of their historical ranges, both moving barely a fraction on the day.
COMEX gold tells a matched story on its own board: total stocks at 27.02M oz and registered at 14.76M oz both mark 6-month lows, both drifting down over 30 days while flat on the day. On the other side, COMEX copper printed a 6-month high and silver's deliverable share sits at 29.1%, also a 6-month high. Note these are short-run records, not deep-history extremes.
SPR crude at 311.4M bbl is the lowest since March 1983, down 8.5% over 30 days. The standing point across the board: several series are parked at record levels while their daily rate-of-change stays calm, which is when position, not speed, is the thing worth watching.
LME aluminum stocks are 271,275 mt, the lowest in the 19-year record. The daily move was just 0.5%, but the metal is down 11.6% over 30 days.
LME lead stocks are 447,800 mt, sitting at the top of the 19-year record. Up 50.5% over 30 days but nearly flat on the day.
The SPR holds 311.4M bbl, the lowest level since March 1983. Down 1.6% on the week and 8.5% over 30 days. A thin national reserve leaves less buffer against any future supply gap.
COMEX copper stocks are 706,328 short tons, a 6-month high, up 7.7% over 30 days. That's a short-run high, not a deep-history extreme.
COMEX total gold stocks are 27.02M oz, a 6-month low. Flat on the day but down 2.8% over 30 days.
COMEX registered gold, the portion actually pledged for delivery, sits at 14.76M oz, a 6-month low. Down 1.7% over 30 days.
The share of COMEX silver stocks marked deliverable is 29.1%, a 6-month high, up 7.4% over 30 days. A higher deliverable share means more of the metal is registered against contracts.
China's reported gold reserves are 2,321.6 tonnes, the highest in the 11-year record. Up 0.3% over the period.
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.