Daily Vault Briefing ·Sep 14, 2026
Copper is stacking up on two fronts at once, managed money at a 20-year positioning extreme and COMEX warehouses at 8-month highs, while platinum's registered pool quietly drains to an 8-month floor.
8 signals · 1 series crossed a threshold today
Managed-money net copper hit 82,154 contracts, the highest since Feb 2021 and the 97th percentile of a 20-year record, up 12.7% on the week. That is speculative positioning at a two-decade extreme, still accelerating.
The physical side of copper rhymes with the paper side for once. COMEX total copper stocks sit at an 8-month high (767,504 short tons, 99th percentile) and registered copper at the 100th percentile of its short run, both little changed on the day but up 3.8% to 5.0% over 30 days. Position is maxed; the daily move has gone flat.
Platinum runs the other direction. COMEX registered platinum is pinned at an 8-month low of 186K oz and coverage has collapsed to 5.5%, down 19.1% over 30 days while sitting dead still on the day. The level is at a short-run floor even as the daily velocity reads calm; the 30-day drop is where the motion lives.
Elsewhere the extremes are static: LME lead at the 98th percentile of 19 years yet down 8.9% over 30 days, Tokyo retail gold at the 98th percentile of 38 years but off 3.8% on the month, and US jet fuel at the 97th percentile of 44 years. Several series are parked at historic highs while their monthly rate-of-change points lower.
Speculators hold 82,154 net long copper contracts, the most since February 2021 and the 97th percentile of a 20-year record. It climbed another 12.7% on the week.
The platinum available for immediate delivery on COMEX sits at 186K oz, an 8-month low. It barely moved on the day but is down 3.4% over 30 days.
LME lead stocks stand at 380,025 mt, the 98th percentile of a 19-year record. The level is near a high even as inventory fell 8.9% over the past 30 days.
Total COMEX copper stocks are at an 8-month high of 767,504 short tons, up 5.0% over 30 days but flat on the day.
Tokyo retail gold prices at Tanaka are ¥23,727/g, the 98th percentile of a 38-year record. The level is elevated despite a 3.8% slide over 30 days.
Copper earmarked for delivery on COMEX hit an 8-month high, the 100th percentile of its short run, up 3.8% over 30 days.
US jet fuel stocks are 46.0 MM bbl, the 97th percentile of a 44-year record. They ticked up 0.3% on the week but are down 1.8% over 30 days.
COMEX platinum coverage fell to 5.5%, an 8-month low. It held steady on the day but dropped 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.