COMEX铜库存触及历史新高

Core Viewpoint - COMEX copper inventory has surpassed 400,000 short tons for the first time, driven by arbitrage trading attracting copper inflows into the U.S. [1] Group 1: Inventory and Price Dynamics - As of November 21, COMEX copper inventory reached 402,876 short tons, more than tripling since the beginning of the year and breaking the previous record of 399,458 short tons set in January 2003 [1] - Current LME copper price is approximately $10,780 per ton, while COMEX copper price is about $5 per pound, equivalent to around $11,023 per ton, indicating a profitable arbitrage opportunity for transporting copper to the U.S. [1] Group 2: Market Reactions and Future Outlook - The surge in inventory began in March as traders rushed to ship copper to the U.S. before the planned import tariffs, although refined copper was ultimately exempted from the 50% tariff effective August 1 [1] - U.S. copper import policies are still under review, and inventory continues to rise, with traders stockpiling metal in anticipation of potential future tariffs on refined copper [1] - According to the U.S. Geological Survey, the refined copper consumption in the U.S. for 2024 is projected to be 1.58 million tons, meaning that the current COMEX inventory represents nearly a quarter of the country's annual demand [1]