Copper Inventories Surge to 23-Year High as EV and AI Demand Fuels Price Rally
Global copper markets are undergoing a seismic shift as inventories hit their highest level in 23 years. The metal, crucial for electric vehicles and data centers, has seen prices surge amid a looming shortage crisis. Investors are aggressively stockpiling, with combined inventories at Comex, Shanghai Futures Exchange, and London Metal Exchange jumping to 1.02 million tons—double September's levels.
The copper narrative has transformed from industrial commodity to strategic asset. Artificial intelligence infrastructure and green energy transitions are rewriting demand equations. Stockpiles tell two stories: current oversupply masking structural deficits ahead. Market dynamics now resemble a coiled spring—visible inventories grow even as invisible hoarding accelerates.
