Industry Notes

Industry Notes / Global mining: the metal map / Chapter 3 of 12 · Timeline

Copper: a structural shortage

The narrative became a physical squeeze

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  1. From mid-April
    LME available stocks drained; ~75% down by early August
  2. 6–7 Aug
    COMEX/LME into record zones; LME through ~$14,000/t
  3. 14 Aug
    LME emergency measures to cap further cash spikes
  4. 17 Aug
    Cash over 3M ~$544/t; cash settle ~$14,545
  5. 18 Aug
    Traders delivered >20 kt; spreads eased; 3M ~$13,987

A timeline beats a single print: stock drain, cash premium, exchange intervention, then deliveries. The counter-check is China buying restraint at high prices.

Source：LME 公开市场数据与贸易商交仓报道（2026-08）

Research notes, not investment advice.