COMEX Copper registered inventory is 479.0K st as of September 10, 2026, up 7.0% in the past 30 days.
Registered metal is what can be delivered against futures contracts today. That is 62.4% of all COMEX Copper in approved vaults; the other 288.5K st is eligible but has not been warranted for delivery.
At today's price, that is worth ~$6.3B
Amply stocked and still building, a deep cushion against a supply shock.
The Desk's read
COMEX registered copper, the metal warranted for delivery against futures, sits at the highest level in its 8-month record, 477,721 short tons as of 2026-09-09. The pile has grown 3.7% over the past 30 days, and the trailing 90-report pace ranks at the 9 percentile of all such stretches, near the drain side of the record. Yet a slow drain from a pile this full still leaves it amply stocked. We watch the next daily depository report, due the next trading day, for whether that build holds.
On the September 9, 2026 figures.
House Alert: A bank or dealer took delivery of 2.5K st (~$33.1M) today — 202 contracts
Metal that physically entered or left on the latest report.
Open contracts against the metal registered to settle them.
Registered divided by the average daily withdrawal. Metal arriving is not counted, so this is a countdown only while the pile is shrinking.
Contracts stopped over the last 30 days.
Inventory Trend
Registered metal in vaults, last 8 months
Physical Flow vs Book Change
Metal moving in and out of the vault vs how the records changed
Metal Moving
Book Changes
Why these two numbers differ
Metal moving = what physically entered or left the vault. Book changes = warrants being reclassified between registered and eligible. The two numbers differ when records catch up to physical activity on different days.
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What this means
COMEX copper registered inventory tracks deliverable copper in Grade-1 warehouses. Copper serves double duty as an industrial bellwether and a financial metal, meaning inventory levels respond to both manufacturing demand shifts and speculative positioning.
Inventory chart
View the 30-day chart with daily data points: COMEX Copper inventory chart →
Live dashboard
The interactive COMEX dashboard shows registered and eligible inventory by warehouse, delivery flows, and Commitment of Traders positioning: Open COMEX dashboard →
Related metals
Glossary
- Registered inventory
- Metal in COMEX-approved vaults that has been certified (warranted) for delivery against a futures contract. This is the headline deliverable number.
- Eligible inventory
- Metal meeting COMEX purity/bar standards stored in approved vaults but not yet warranted. Can be converted to registered with paperwork.
- Delivery squeeze
- When open interest (futures contracts outstanding) approaches or exceeds registered inventory, holders of longs can force physical delivery, driving sharp price spikes.
- Stop/issue
- A stop is taking delivery of metal; an issue is making delivery. The daily stop/issue report tracks who is delivering and receiving.
Quick answers
- When did COMEX registered Copper last rise above 450K st?
- COMEX registered Copper inventory rose above 450K st on August 25, 2026 and stands at 479.0K st as of September 10, 2026.
- When did COMEX registered Copper last rise above 400K st?
- COMEX registered Copper inventory rose above 400K st on April 23, 2026 and stands at 479.0K st as of September 10, 2026.
Common questions
- What is the current COMEX registered Copper inventory?
- COMEX registered Copper inventory stood at 479.0K st as of September 10, 2026, per the daily COMEX warehouse report. That is 62.4% of the 767.5K st held in COMEX-approved vaults; the rest is eligible stock not yet warranted. Registered stock carries a warrant and is deliverable against COMEX futures, so it is the supply cushion traders watch.
- What is the gold/silver ratio?
- The gold/silver ratio is the price of one ounce of gold divided by the price of one ounce of silver — it tells you how many ounces of silver it takes to buy one ounce of gold. A higher ratio means silver is relatively cheaper to gold; a lower ratio means the opposite. Stackers watch it as a relative-value gauge between the two metals.
- What is the difference between registered and eligible inventory?
- Registered metal carries a warehouse warrant and can be delivered against a futures contract immediately. Eligible metal meets exchange specs and sits in the same approved vaults but has no active warrant, so it is not deliverable until its owner registers it. Registered is deliverable now; eligible is on the sidelines.
- How many grams are in a troy ounce?
- One troy ounce equals 31.1035 grams, slightly heavier than a regular (avoirdupois) ounce of 28.35 grams. Precious metals are always quoted in troy ounces, so COMEX inventory and spot prices on this site use troy ounces.
- What do contango and backwardation mean in COMEX futures?
- Contango means metal for delivery next month costs more than metal in the front month, the normal state, because storing and financing metal has a cost. Backwardation is the reverse: the front month costs more than the next month out, which usually signals near-term tightness in physical supply.
Storage and verification gear
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- Coin capsules : Airtight capsules to protect bullion coins and rounds.
- Digital scales with 0.01 g resolution : The first check on any coin or bar is its weight.
- Gold & silver test kits : Verify a coin or bar is real metal, not a plated fake, before you trust it.
Data from official COMEX warehouse reports (CME Group), updated each business day.