LME Copper ·as of August 21, 2026
LME Copper warehouse stock is 238.6K mt as of August 21, 2026, down 13.8% in the past 30 days. It is currently draining faster than usual.
Copper cash settled $56 above the 3-month contract on August 21, 2026. Buyers are paying a premium for prompt metal (backwardation).
Measured in metric tons (mt). At the 48th percentile of LME Copper's 19-year recorded history, today's warehouse stock is about mid-range for its history, an ordinary warehouse level. Over the past ~18 weeks it has drained down faster than usual, among the quickest 5% of stretches like it on record.
Total stock: 238.6K mt · The Desk's LME Feed
24h Change
-0.56%
7d Change
+16.4%
30d Change
-13.8%
Cash Price
$14,291
USD per tonne, official LME settlement
3-Month Price
$14,235
USD per tonne, delivery in three months
Cash vs 3-Month
Backwardation
cash $56 over 3-month · 20 straight sessions
Meanwhile, around this number
Rate of build · past 12 months
158.0K → 238.6K mt
Among the fastest ~18-week draws since 2008 (bottom 5%, not a record).
Eased off the recent peak of 402.6K mt.
What a build means
Warehouse metal is metal that was produced or imported but not used. Over the past year LME Copper piled up by +80,625 mt, which tends to point to a physical surplus, not a price call.
All-Time High
678.2K mt
June 24, 2013 · current 64.8% below
All-Time Low
51.2K mt
April 19, 2023 · current 366.2% above
Where Today Sits
48th percentile
of the 19-year daily record
All six LME warehouses
Total Stock History
LME Copper total stock
May 26, 2026 to August 21, 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.
Copper is draining faster than usual in LME warehouses. We watch it daily.
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How to Read This Data
Metal in LME-listed warehouses is the market's visible, exchange-tracked supply; a drain or build here changes how tight physical metal reads.
- 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
- When did LME Copper total stock last fall below 250K mt?
- LME Copper total warehouse stock fell below 250K mt on July 31, 2026 and stands at 238.6K mt as of August 21, 2026.
- When did LME Copper total stock last fall below 300K mt?
- LME Copper total warehouse stock fell below 300K mt on July 17, 2026 and stands at 238.6K mt as of August 21, 2026.
More questions
- When did LME Copper total stock last rise above 200K mt?
- LME Copper total warehouse stock rose above 200K mt on February 13, 2026 and stands at 238.6K mt as of August 21, 2026.
- What is the current LME Copper on-warrant inventory?
- LME Copper warehouse stock stood at 238.6K mt as of August 21, 2026, per the daily LME warehouse report. The daily series we publish is total stock in LME-approved warehouses; the on-warrant/cancelled split is not reported in that feed, so we do not state an on-warrant figure.
- 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.
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