COMEX copper stocks up 2827 US ton on Sep 25 from previous day

As of September 25, 2022, the total inventory of copper on the COMEX, measured in short tons, was 321,056, an increase of 2,827 from the previous day. In the most recent week, copper inventory on the COMEX has risen by a cumulative total of 5,850 short tons, a 1.86% increase. Over the past month, copper inventory has increased by 48,951 short tons, a 17.99% increase. Historical data shows that since September 27, 2022, the highest inventory level reached was 321,056 short tons, while the lowest was 8,947 short tons. The average inventory level has been 68,564.6 short tons. The current inventory level of 321,056 short tons is 78.64% higher than the average.

The recent accident at the Grasberg mine in Indonesia has significantly impacted the global copper market. Freeport-McMoRan (FCX), the operator of the Grasberg mine, announced a temporary halt in production following a mining accident on September 8, 2022. This incident, which involved an influx of wet mud spreading across multiple working levels, has led to a substantial reduction in copper production and sales.

According to UBS Group, the Grasberg mine, the world's second-largest copper mine, was expected to contribute approximately 70% of the copper and gold production from the mine up to 2029. However, the accident has caused significant damage to the mine's infrastructure and will result in a substantial reduction in production. FCX has revised its forecast, expecting a 35% reduction in copper output compared to prior guidance, with production not returning to pre-accident levels until 2027 UBS Group: The suspension of operations at the Grasberg mine in Indonesia, the world's second-largest copper mine, following a mining accident is expected to widen the global copper supply-demand gap next year. The industry has a positive outlook on compa^[1].

The accident at Grasberg, coupled with recent accidents at the Kamoa Kakula and El Teniente mines, and protests in Peru, has exacerbated short-term supply risks in the mining sector. UBS has revised its global mine supply growth forecast for 2026 from around 2% to about 1% UBS Group: The suspension of operations at the Grasberg mine in Indonesia, the world's second-largest copper mine, following a mining accident is expected to widen the global copper supply-demand gap next year. The industry has a positive outlook on compa^[1]. This downward revision in supply forecasts will widen the supply gap in the refined copper market, with supply growth expected to fall below 1% in 2026.

The COMEX copper inventory has been increasing, with a total inventory of 321,056 short tons as of September 12, 2025, an increase of 2,827 from the previous day. Over the past month, copper inventory has increased by 48,951 short tons, a 17.99% increase . Despite the increase in inventory, the supply deficit in the refined copper market is expected to persist due to the reduction in mine supply growth.

UBS predicts refined copper demand growth of approximately 3% in 2026, while refined copper supply growth will remain below 1%, leading to a supply deficit, visible inventory declines, and sustained upward support for copper prices UBS Group: The suspension of operations at the Grasberg mine in Indonesia, the world's second-largest copper mine, following a mining accident is expected to widen the global copper supply-demand gap next year. The industry has a positive outlook on compa^[1]. The bank also highlighted its key recommendations in the mining sector, including Anglo American (NGLOY.US), Teck Resources (TECK.US), Antofagasta plc (ANTO.L), and Zijin Mining (02899.HK).