Daily Vault Briefing ·Sep 1, 2026
Two extremes anchor the board today: LME aluminum sits at its 19-year low while COMEX copper prints an 8-month high, and the split-timeframe tells the story better than either level alone.
8 signals · 4 series crossed a threshold today
LME aluminum stocks are at 246,725 mt, the lowest in the 19-year record, yet the day was dead flat at -0.0%. The level is at rock bottom while the daily move is asleep; the drain shows up over 30 days, down 7.9%, not in any single session.
Copper cuts the other way. COMEX copper stocks hit a 758,889 short ton 8-month high, up 6.3% over 30 days and still building 0.7% on the day. So the two base metals we track are pulling apart, aluminum draining to a record trough on the exchange, copper piling up to a short-run peak.
The refined-fuel side rhymes on both scales. East Coast distillate is at 21.0 MM bbl, lowest since May 2022, and still falling fast, down 5.5% on the week and 12.1% over 30 days. Jet fuel sits at the opposite corner, 45.7 MM bbl at the 96th percentile of its 44-year record, high in level but easing, down 3.6% over 30 days.
Platinum shows the same level-versus-velocity gap. Registered platinum is at an 8-month low of 191K oz and coverage sits at a 5.9% 8-mo low, both little changed on the day but coverage down 19.1% over 30 days. A thin cover ratio means fewer registered ounces standing behind each open claim; the level is low and the recent trend made it lower.
West Coast jet fuel sits at 11.1 MM bbl, in the 96th percentile of a 37-year record. It rose 3.1% on the week but is still down 3.8% over 30 days.
LME aluminum stocks are at 246,725 mt, the lowest in the 19-year record. The day was flat at -0.0%, but the metal has drained 7.9% over 30 days.
East Coast distillate stocks are at 21.0 MM bbl, the lowest since May 2022. They fell 5.5% on the week and 12.1% over 30 days, a fast draw at a low level.
US gasoline stocks are at 206.8 MM bbl, the lowest since Nov 2025 and sitting in the 26th percentile. Down 1.2% on the week and 2.1% over 30 days.
COMEX copper stocks hit 758,889 short tons, an 8-month high, still building 0.7% on the day and 6.3% over 30 days. History here is only a few months deep.
COMEX registered platinum is at 191K oz, an 8-month low, near the bottom of its short record. Flat on the day but down 2.5% over 30 days.
US jet fuel stocks are at 45.7 MM bbl, in the 96th percentile of a 44-year record. High in level but easing, down 1.2% on the week and 3.6% over 30 days.
COMEX platinum coverage is at 5.9%, an 8-month low, meaning few registered ounces stand behind each open claim. Flat on the day but down 19.1% over 30 days.
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.