The refined copper stocks at the London Metal Exchange (LME) and U.S. warehouses in the U.S. demonstrate a consistent declining trend from 2016 to 2020, decreasing from 79.79 thousand metric tons to 31.92 thousand metric tons. This decreasing inventory suggests an average annual contraction or CAGR over the last five years. The year-on-year variations highlight a consistent downward movement, suggesting a reduction in copper supply or increased demand over the recorded years through 2020. In 2023, refined copper stocks continued at this lower level, showing stabilization trends without significant replenishment.
Future trends to watch for include potential supply chain disruptions affecting inventory levels, changes in demand driven by technological advancements in electric vehicles and renewable energy, and the influence of geopolitical events on copper availability. Monitoring economic growth and industrial production trends will be crucial in anticipating future inventory levels in the U.S. warehouses and London Metal Exchange.
