全球铜交易所库存20年来首次突破100万吨

Group 1 - Global copper inventories have exceeded 1 million tons for the first time in over 20 years, primarily due to weak demand from China and rising inventories in the U.S. [2] - The total copper inventory at the London Metal Exchange (LME) and Shanghai Futures Exchange (ShFE) reached 1,012,065 tons, the highest level since August 2003, accounting for approximately 3.5% of the International Copper Study Group's forecasted global refined copper consumption of 28.7 million tons in 2026 [2] - The ShFE copper inventory increased by 9.5% week-on-week, reaching 272,475 tons, the highest level in 18 months, as demand in China remains subdued ahead of the upcoming Spring Festival [2] Group 2 - Over half of the global copper inventory, amounting to 535,715 tons, is stored at the New York Commodity Exchange (Comex), with all warehouses located in the U.S. [3] - Recent trends show a slowdown in inventory growth at Comex as higher LME prices attract more copper to LME warehouses, which now hold 203,875 tons, the highest since April [3] - A significant amount of inventory is being transferred from Baltimore, and it is expected that Comex inventory will not see a substantial decline until U.S. tariff policies are clarified [3] Group 3 - China's copper industry faces three major challenges: increasing dependence on foreign resources, overcapacity in the midstream processing sector, and suppressed downstream demand due to high copper prices [3]