COMEX copper inventories decrease for the first time after nearly a year of large increases, possibly shifting to LME

Gelonghui, February 13 — According to SMM, since March 2025, COMEX electrolytic copper inventories have been continuously accumulating from 83,876 tons, reaching a total inventory of 537,540 tons as of February 11, 2026. Over the past year, visible inventories have increased by more than 450,000 tons. On February 12, 2026, the exchange’s inventory was reduced by 1,225 tons for the first time, down to 535,715 tons. Market sources indicate that over the past year, COMEX registered warehouse stocks have nearly reached capacity, and following the reversal of the LME-COMEX price spread, there is a trend of new inventories and some existing inventories shifting toward the LME.