Copper Inventories Reach 23-Year High Amid Strong Demand

Copper inventories across major exchanges, including Comex, Shanghai Futures Exchange, and London Metal Exchange, have reached their highest level in 23 years, totaling 1.02 million tons. According to NS3.AI, this increase is attributed to robust demand from sectors such as electric vehicles (EVs), data centers, and AI-related industrial applications. Major Wall Street banks are predicting a significant rise in copper prices, with estimates ranging from $10,000 to nearly $13,000 per tonne.