Daily Vault Briefing ·Aug 19, 2026
The physical board splits clean today: copper is stacking up on both COMEX and the money-manager ledger while COMEX precious-metal warrants grind to 7-month lows.
8 signals · 3 series crossed a threshold today
Managed money pushed net copper longs to 79,027 contracts, the highest since Feb 2021 and the 96th percentile of a 20-year record, up 34.4% over 30 days. COMEX copper stocks tracked the same direction, a 7-month high at 738,850 short tons, up 5.8% on the month.
The rhyme runs the other way in the precious metals. COMEX registered gold sits at a 7-month low of 14.48M oz and registered platinum at a 7-month low of 193K oz, both parked in the single-digit percentiles even as gold's own managed-money net longs climbed to 137,662 contracts, the highest since Sep 2025. Paper positioning building while deliverable metal thins is the tension worth marking.
LME lead is the quieter extreme. The level ranks 99th percentile of a 19-year record, but the daily move is a calm -0.5% and the 30-day trend is down 9.5%; the position is stretched high while the drawdown chips away, a gap between where it sits and where it's heading.
SPR crude reads 293.4 MM bbl, the lowest since Dec 1982, down 1.8% on the week. The data shows two markets pointed in opposite directions: copper accumulating on both the physical and paper side, deliverable gold and platinum draining to short-run lows.
The Strategic Petroleum Reserve holds 293.4 MM bbl, its lowest level since Dec 1982, down 1.8% on the week and 7.3% over 30 days. A 44-year low with the drawdown still running.
Speculative funds hold 79,027 net long copper contracts, the highest since Feb 2021 and the 96th percentile of a 20-year record. Up 4.3% on the week and 34.4% over 30 days, a fast build in bullish positioning.
Managed-money net gold longs reached 137,662 contracts, the highest since Sep 2025, up 5.3% on the week and 18.5% over 30 days. Firmly positive positioning, though below its record extremes at the 67th percentile.
LME lead stocks sit at 409,000 mt, the 99th percentile of a 19-year record. The level is near its historic top, yet inventory is down 0.5% on the day and 9.5% over 30 days, a stretched position with a slow drain.
COMEX total gold stocks stand at 26.65M oz, a 7-month low, essentially flat on the day and down 1.6% over 30 days. The level is thin against its recent range even with the daily move quiet.
COMEX copper stocks reached 738,850 short tons, a 7-month high at the 100th percentile of the run, up 0.2% on the day and 5.8% over 30 days. Metal keeps accumulating in the warehouses.
COMEX registered gold, the portion pledged as deliverable, sits at 14.48M oz, a 7-month low in the 8th percentile. Flat on the day but down 2.1% over 30 days.
COMEX registered platinum is at 193K oz, a 7-month low in the 7th percentile, flat on the day and down 2.7% over 30 days. Deliverable platinum is at the low end of its recent range.
Sources and method
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.