Vance's LME Monitor
LME Warehouse Ledger
315.0K mt on-warrant
Total stock: 315.0K mt
LME Copper on-warrant stock is 315.0K mt as of July 6, 2026, down 16.9% in the past 30 days. It is currently draining faster than usual.
On-warrant metal sits in LME-listed warehouses with warrants issued, ready to deliver against LME contracts.
Measured in metric tons (mt). At the 70th percentile of LME Copper's 19-year recorded history, today's on-warrant stock is about mid-range for its history, an ordinary warehouse level.
Over the past ~4 weeks it has drained down faster than usual, among the quickest 5% of stretches like it on record. That pace is still picking up.
24h Change
-1.2%
7d Change
-4.3%
30d Change
-16.9%
Cash Price
$13,310
USD per tonne, official LME settlement
3-Month Price
$13,370
USD per tonne, delivery in three months
Cash vs 3-Month
Contango
3-month $60 over cash · 20 straight sessions
Data Feed
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Meanwhile, around this number
Copper is draining faster than usual in LME warehouses. We watch it daily.
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Rate of build · past 12 months
108.1K → 315.0K mt
Warehouse metal is metal that was produced or imported but not used. Over the past year LME Copper piled up by +206,850 mt, which tends to point to a physical surplus, not a price call.
Among the fastest 12-month draws since 2008 (bottom 5%, not a record).
Eased off the recent peak of 402.6K mt.
All-Time High
678.2K mt
June 24, 2013 · current 53.6% below
All-Time Low
51.2K mt
April 19, 2023 · current 515.4% above
Where Today Sits
70th percentile
of the 19-year daily record
All six LME warehouses
Total Stock History
LME Copper total stock
April 8, 2026 to July 6, 2026
Source: London Metal Exchange official daily warehouse reports via Westmetall. Units: metric tonnes of total stock. Daily history back to 2008; long windows are downsampled to 500 plotted points.
How to Read This Data
On-Warrant Stock
Metal directly claimable against active futures contracts. This is the most liquid form of LME inventory and the focus of most squeeze analysis.
Cash vs 3-Month
The gap between metal for delivery now (cash) and in three months. Cash above 3-month (backwardation) signals near-term tightness. 3-month above cash (contango) is the normal carry state.
Depletion Signals
Rapidly falling inventory alongside rising prices signals physical scarcity — a potential squeeze. Watch on-warrant levels closely near delivery dates.
Common questions
- What is on-warrant stock on the LME?
- On-warrant stock is metal in LME-approved warehouses that is backed by a live warrant and available to settle contracts. It is the most liquid, immediately deliverable form of LME inventory and the figure most watched for squeeze risk.
- What is a cancelled warrant?
- A cancelled warrant is metal that an owner has earmarked for physical withdrawal from the warehouse. It is still on site but on its way out, so a rising share of cancelled warrants points to metal leaving the deliverable pool.
- What does falling LME inventory signal?
- Steadily falling on-warrant stock, especially alongside rising cancelled warrants and firmer prices, points to tightening physical availability. It tends to coincide with delivery pressure rather than predicting a price move on its own.
- What do contango and backwardation mean on the LME?
- Contango means metal for delivery in three months costs more than metal for delivery today, the normal state, because storing and financing metal has a cost. Backwardation is the reverse: cash metal costs more than the 3-month contract, which usually signals near-term tightness in physical supply.