LME copper stocks up 1150 ton on Jul 17 from previous day

LME: Inventory: Copper recorded 122,150 tonnes on July 17, 2025, an increase of 1,150 tonnes, or 0.95%, from the previous day. In the most recent week, LME: Inventory: Copper stocks increased by a cumulative total of 14,050 tonnes, representing a 13.00% increase. Over the last month, LME: Inventory: Copper stocks increased by a cumulative total of 14,600 tonnes, representing a 13.58% increase. Historical data shows that since July 19, 2022, the LME: Inventory: Copper inventory has ranged from a high of 322,950 tonnes to a low of 51,175 tonnes. The average value has been 156,680.738786279683 tonnes. The current inventory (122,150 tonnes) is 28.27% lower than the average.

Title: Copper Prices: Goldman Sachs Predicts Short-Term Dip Amid Easing Supply Pressures

Goldman Sachs has issued a note predicting a short-term dip in copper prices, with the bank lowering its August forecast for the London Metal Exchange (LME) copper prices to $9,550 per metric ton from a previous $10,050. The prediction is based on the easing of global supply pressures following a rush of shipments into the U.S. ahead of a 50% import tariff set to take effect on August 1.

The tariff, announced by U.S. President Donald Trump on July 8, triggered a wave of copper imports in recent months as buyers moved to get ahead of the new costs. This stockpiling has temporarily alleviated tightness in non-U.S. markets, according to Goldman Sachs. The bank expects the LME copper price to decline in the near term as the risk of an ex-U.S. copper shortage has been reduced.

Goldman Sachs also reaffirmed its long-term bullish view, keeping its 2025 year-end copper forecast at $9,700 per ton. The bank projects average copper prices of $10,000 per ton in 2026 and $10,750 in 2027. Additionally, the bank forecast LME aluminium prices of $2,400 per ton in 2025 and $2,230 in 2026.

Kpler, a global data and analytics company, has noted that the U.S. copper demand could potentially be satisfied for most of the second half of 2025 using existing inventories built during the first half of the year. The announcement of a 50% U.S. tariff on refined copper imports triggered a price surge and widened the Comex-LME spread, reflecting initial market expectations of a lower eventual levy. However, the company also notes that the U.S. cannot become self-sufficient in copper before the next decade due to long permitting timelines, limited smelting capacity, and rising demand from electrification and data centers.

Fitch's BMI expects global copper mine production to increase by an average annual rate of 2.9% over 2025-2034, with annual output rising from 23.8 million tons in 2025 to 30.9 million tons by 2034. The brokerage now expects global copper mine output to rise by 2.5% year over year in 2025.

As of July 17, 2025, LME: Inventory: Copper recorded 122,150 tonnes, an increase of 1,150 tonnes from the previous day. Over the most recent week, LME: Inventory: Copper stocks increased by a cumulative total of 14,050 tonnes, representing a 13.00% increase. Over the last month, LME: Inventory: Copper stocks increased by a cumulative total of 14,600 tonnes, representing a 13.58% increase.

References:
[1] https://www.tradingview.com/news/reuters.com,2025:newsml_L1N3TC0FW:0-goldman-sees-short-term-dip-in-copper-as-us-tariff-impact-eases-global-supply-crunch/
[2] https://www.kpler.com/blog/us-copper-tariffs---near-term-covered-no-self-sufficiency-before-2035
[3] https://seekingalpha.com/news/4466330-copper-futures-jump-2-after-trump-tariff-decision-global-mine-output-seen-rising-25-in-2025