Chinese copper's share of available LME stocks falls to 42% in July

The share of available Chinese-origin copper stocks in London Metal Exchange warehouses dropped to 42% in July from 59% a month earlier, exchange data showed on Friday, as overall available inventories nearly halved.

Total available copper stocks in LME warehouses fell to 101,425 metric tons at the end of July, the lowest level since January, from 201,700 tons at the end of June, as metal continues to flow to the U.S. ahead of possible import tariffs, draining inventories.

The absolute volume of Chinese copper available plunged by 75,600 tons to 43,050 tons, with available stocks from other key suppliers such as Chile, Zambia and the Democratic Republic of Congo showing more modest declines.

Meanwhile, the share of available Russian-origin aluminium stocks in LME warehouses held steady at 95% in July after another small drawdown.

Total available, or on-warrant, aluminium inventories fell 0.5% in July to 245,250 tons, the lowest since April 2025.

Available Russian aluminium stocks dipped 1,225 tons to 232,800 tons, while Indian material, the only other available origin, declined by 125 tons to 12,450 tons.

Many traders are shunning Russian aluminium even though material produced before April 13, 2024, remains eligible for trading. Aluminium made in Russia after that date was barred from the LME warehousing system to comply with Western sanctions.

The share of Chinese-origin nickel held steady at 70% of available LME stocks at the end of last month.