When did COMEX registered Copper last rise above 450K st?

COMEX registered Copper inventory rose above 450K st on July 16, 2026 and stands at 457.0K st as of July 27, 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 457.0K st as of July 27, 2026.

What is the current COMEX registered Copper inventory?

COMEX registered Copper inventory stood at 457.0K st as of July 27, 2026, per the daily COMEX warehouse report. That is 64.4% of the 709.1K 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.

COMEX · Registered Inventory

COMEX Copper

as of July 27, 2026

COMEX Copper registered inventory is 457.0K st as of July 27, 2026, up 4.8% in the past 30 days.

Registered metal is what can be delivered against futures contracts today. That is 64.4% of all COMEX Copper in approved vaults; the other 252.1K st is eligible but has not been warranted for delivery.

Amply stocked and building — a deep supply cushion.

98th percentile of the 7-mo record 7-mo high

Meanwhile, around this number

64.4%Share of all COMEX Copper in approved vaults that is registered for delivery. The rest is eligible metal that has not been warranted.Open COMEX dashboard →

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Spot price

$6.35 / lb

COMEX front-month

Registered

457.0K st

98th percentile of the 7-mo record

Eligible

252.1K st

In approved vaults, not yet delivery-warranted

Total stocks

709.1K st

Registered plus eligible

30-day change

+4.8%

7-day change

+2.7%

30d range

424.2K st – 459.6K st

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

Gold→ Silver→ Platinum→ Palladium→

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 July 16, 2026 and stands at 457.0K st as of July 27, 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 457.0K st as of July 27, 2026.

Common questions

What is the current COMEX registered Copper inventory?: COMEX registered Copper inventory stood at 457.0K st as of July 27, 2026, per the daily COMEX warehouse report. That is 64.4% of the 709.1K 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.
The Red Book (U.S. coin guide) : The standard annual reference for U.S. coin values.

Data from official COMEX warehouse reports (CME Group), updated each business day.