Copper Inventories Hit 23-Year Peak Amid Surging Industrial Demand

Global copper stockpiles have reached their highest level in over two decades, marking a significant milestone for the metal market. According to data from NS3.AI, combined inventories across the world’s leading futures exchanges—Comex, Shanghai Futures Exchange, and London Metal Exchange—have climbed to 1.02 million tons. This historic buildup reflects the unprecedented strength of copper consumption across multiple sectors.

Record Stockpiles Signal Strong Demand Growth

The surge in copper inventories cannot be viewed in isolation from market dynamics. Rather, this accumulation underscores the robust demand emanating from transformative industries. Electric vehicles (EVs) remain the primary growth driver, as automotive manufacturers scale production to meet electrification targets. Simultaneously, the explosive expansion of data centers worldwide has amplified copper consumption, driven by massive infrastructure investments supporting artificial intelligence and cloud computing services. These interconnected demand streams have fundamentally reshaped copper’s supply-demand landscape.

Price Forecasts Point to Significant Upside Potential

Despite elevated inventory levels, Wall Street analysts maintain a bullish outlook on copper pricing. Major financial institutions are projecting substantial appreciation in copper values, with price targets spanning from $10,000 to nearly $13,000 per tonne. This forecast reflects confidence that industrial demand will continue to outpace supply expansion, positioning copper as a critical commodity in the global energy transition and technology infrastructure buildout. The convergence of supply growth and accelerating demand suggests a constructive medium-term trajectory for the metal.