After a significant increase in COMEX copper inventories over the past year, there has been a first decrease, possibly leading to a transfer to the LME.

Since March 2025, COMEX electrolytic copper stocks have continued to accumulate, from 83,876 tons to a total of 537,540 tons as of February 11, 2026, with an increase of over 450,000 tons in visible stocks over the past year. On February 12, 2026, the exchange's inventory decreased for the first time, by 1,225 tons, to 535,715 tons. According to information from SMM in the market, COMEX registered warehouse receipts have almost reached saturation in the past year, and with the recent reversal of the LME-COMEX price difference, there is a trend of new inventory as well as some existing inventory moving to LME.