Aug 7, 2026
LME lead stocks sit at the top of a 19-year record after a 46.7% monthly build, while COMEX gold drains to a 7-month low, two base and precious metals moving in opposite directions.
LME lead stocks hit the 100th percentile of a 19-year record, up 46.7% over 30 days, yet down 0.7% on the day. The level is as extreme as this series gets, but the daily move is quiet, the build has stalled at the ceiling rather than accelerating through it.
COMEX metals split. Gold total stocks fell to a 7-month low at 26.94M oz, registered platinum sits at a 7-month low of 193K oz, while copper stacked up 7.3% over 30 days to a 7-month high of 720,439 short tons. Base metal accumulating, precious metal draining.
COMEX gold coverage tells the same story from the paper side: 36.9%, a 7-month low, down 7.9% over 30 days but flat on the day. The level is near the floor while the daily velocity has gone still, a standing measure of how thin registered metal has become against open claims.
On the energy board, SPR crude fell to 304.8 MM bbl, the lowest since Feb 1983, and gasoline stocks slipped to 209.7 MM bbl, the lowest since Nov 2025. Tokyo retail gold holds the 99th percentile of a 38-year record at ¥23,947/g. The data shows inventories draining at both ends of the shelf while lead alone piles up.
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, sitting in the 34th percentile of a 37-year record.
LME lead stocks reached 428,425 mt, the 100th percentile of a 19-year record after a 46.7% build over 30 days. The daily move was a quiet 0.7% drop, so the level is maxed out while the pace has cooled.
COMEX total gold stocks slipped to 26.94M oz, a 7-month low. Down 0.4% on the day and 0.9% over 30 days, near the bottom of its short run.
COMEX copper stocks hit a 7-month high at 720,439 short tons, up 7.3% over 30 days. Flat on the day, so the build has paused at the top of its short run.
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, at the very floor of a 44-year record.
COMEX registered platinum sits at 193K oz, a 7-month low, down 2.6% over 30 days. Flat on the day, so it is parked near the bottom of its short run.
COMEX gold coverage stands at 36.9%, a 7-month low, down 7.9% over 30 days. Flat on the day; this measures registered metal against open claims, and it is near the thin end.
Tokyo retail gold sits at ¥23,947/g, the 99th percentile of a 38-year record. Down 0.5% on the day, up 0.9% over 30 days, holding near the top.
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.