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FollowingCOMEX approved warehouse copper stocks to reach 700,000 tons, which coexist with record stocks and high prices.
According to the latest metal market report from the Chicago Mercantile Exchange Group, COMEX designated warehouses currently hold approximately 700,000 short tons of copper stocks. At the same time, benchmark copper prices remain close to historical highs, creating a rare situation where "record inventories" and "high prices" coexist.
This contradiction further intensified in September. Copper prices briefly touched $6.90 per pound after news that potential tariff adjustments in the United States might be postponed, and then fell back to around $6.70. CME pointed out that tariff uncertainty has accelerated the shipment of physical copper to the United States, which has not only pushed up domestic inventory levels, but also driven up regional price premiums.
Tariff expectations drive copper resources into the United States
Record inventories do not necessarily mean a collapse in copper demand. One of the main reasons for this surge in inventories is the change in geographical distribution. Due to uncertainty about future import tariff policies, traders have shipped copper materials into the United States in advance to avoid risks brought by future changes in trade rules.
CME has previously pointed out that tariff expectations have shifted a large amount of global visible copper stocks into U.S. reserves. This means an increase in U.S. inventories partly reflects a change in where copper is stored rather than a sudden surge in global supplies.
Artificial intelligence and power grid construction support long-term demand
从更长远的需求预期来看，这也是支撑铜价坚挺的重要因素。CME特别强调，人工智能基础设施建设和能源转型是铜需求的结构性来源。数据中心需要大量的电气设备，而电网扩建则需要电缆、变压器等含铜量高的基础设施。
这与Coinpaper持续追踪的AI电力基础设施建设趋势直接相关。预计到2030年，美国数据中心可能需要投入约1100亿美元用于新建电力基础设施，这将对已经紧张的电力网络施加更大压力。
铜价的显著上涨甚至开始影响日常消费品。近期铜价的强劲反弹使得一枚美国镍币内部的金属价值超过了其五美分的法定面值。
