Global copper inventories fall to nearly 2-year low, price spreads widen

Copper inventories on the LME have plunged 60% since mid-Feb’25 to just around 96,000 t, the lowest since Aug’23, Also, the market inversion (spot price exceeding futures) reached $345/t, the strongest backwardation since 2021. Fearing a potential 10% US tariff, traders ahead of time shifted over 200,000 t of copper to US warehouses in Apr’25. This drained stocks from Europe, Asia, and LME warehouses.