Key Facts
Recently, the divergence between COMEX and LME copper prices and inventories has continued to widen. On August 5, the spread between COMEX and LME copper reached USD 621.81/t at one point, driven by persistent market expectations that the US will impose tariffs on refined copper. Given significant uncertainty over whether tariffs will be implemented, their scope, and timing, the cross-border flow of copper continues.
Inventories and Logistics
As of August 3, COMEX copper inventories stood at about 718,700 tonnes, while LME inventories were about 238,400 tonnes; the inventory gap widened by 158.36% from mid-April. COMEX copper inventories have been on an upward trend since April 2025. Copper concentrate supply remains tight. On July 31, the copper concentrate smelting TC/RC fee was -USD 159.67/t, extending declines this year; negative treatment charges indicate tight copper concentrate supply.