LME铜注销占比低位徘徊 注册仓单三连增

Core Insights - LME copper cancellation warrants initially stabilized but have since declined for three consecutive days, currently at 14,275 tons, while registered warrants have increased to 127,475 tons [1] - The exclusion of refined copper from U.S. tariffs has led to a sharp drop in COMEX copper prices, causing the price difference with LME copper to narrow significantly, hovering around parity [1] - The collapse of premiums has diminished the incentive for global copper to flow into the U.S., with expectations that LME copper inventories will continue to rise [1] Inventory Summary - As of August 1, 2025, total inventory stands at 141,750 tons, with cancellation warrants at 10.07% and registered warrants at 127,475 tons [3] - On July 31, 2025, total inventory was 138,200 tons, with cancellation warrants at 12.28% and registered warrants at 121,225 tons [3] - The trend shows a consistent increase in registered warrants and a decrease in cancellation warrants over the past week, indicating a shift in market dynamics [3]