Aug 6, 2026
Two 19-year LME extremes sit at opposite ends of the shelf today: lead pinned at its record high, aluminum scraping its record low.
LME lead stocks hit the 100th percentile of a 19-year record at 431,550 mt, up 47.7% over 30 days. The level is as full as the series has ever run, yet the day itself was quiet, down just 0.8%. When a build that steep flattens into a calm daily tape, the position is the story, not the speed.
Aluminum sits at the other pole of the same exchange: 259,400 mt, the lowest in the 19-year record, down 12.2% on the month. Two LME base metals pulling to opposite record edges is the divergence worth watching; one series drained to 0th percentile while its neighbor packed to 100th.
COMEX copper adds a third build, up 7.7% over 30 days to a 7-month high, while COMEX registered platinum ran the other way to a 7-month low, off 2.6% on the month. The precious side stayed thin: total gold sits at a 7-month low in the 8th percentile despite a flat day.
On the energy side, SPR crude is at its lowest since Feb 1983, down 6.4% over 30 days, and Tokyo retail gold posted a 5.0% one-day jump to the 99th percentile of its 38-year record on a monthly move of only 0.2%. The data shows extremes at both ends of the board, some frozen at their limits, some still moving toward them.
US gasoline stocks fell to 209.7 MM bbl, the lowest since Nov 2025, down 0.8% on the week and 2.0% over 30 days. That leaves the series in the 34th percentile of a 37-year record.
LME lead stocks stand at 431,550 mt, the 100th percentile of a 19-year record, after a 47.7% build over 30 days. The daily move was a quiet 0.8% drop, so the extreme is in the level, not the day.
COMEX copper stocks rose to 720,140 short tons, a 7-month high, up 7.7% over 30 days. The daily change was a slight 0.2% gain.
COMEX registered platinum, the metal actually deliverable against contracts, fell to 193K oz, a 7-month low in the 1st percentile of its short run. It slipped 1.7% on the day and 2.6% over 30 days.
SPR crude fell to 304.8 MM bbl, the lowest since Feb 1983, down 0.9% on the week and 6.4% over 30 days. A national reserve this thin has less buffer left to draw on when it is needed.
COMEX total gold stocks sit at 27.04M oz, a 7-month low in the 8th percentile of the series, down 1.2% over 30 days. The daily move was a flat 0.1% uptick.
Tokyo retail gold quoted ¥24,068/g, the 99th percentile of a 38-year record, up 5.0% in a single day. The 30-day move was a flat 0.2%, so the jump is almost entirely today's.
LME aluminum stocks fell to 259,400 mt, the lowest in the 19-year record, down 12.2% over 30 days. The daily change was a modest 0.6% draw.
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.