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fears","copper-stocks-rise-alleviating-backwardation-and-tightness-fears","article/copper-stocks-rise-alleviating-backwardation-and-tightness-fears",{"_uid":547,"date":548,"tags":549,"editor":559,"content":569,"excerpt":750,"featured":51,"reporter":751,"component":761,"seo_title":543,"categories":762,"visibility":771,"data_vis_image":772,"featured_image":777,"seo_description":782,"side_panel_banner":584,"formattedDate":783,"formattedArticleDate":784},"5f7d57d7-4099-44b4-8313-7f0990b1bda6","2026-08-19 00:00",[550,553,556],{"slug":551,"name":552},"copper-prices","copper prices",{"slug":554,"name":555},"lme","LME",{"slug":557,"name":558},"data-visualisation","Data Visualisation",[560],{"slug":561,"name":562,"content":563},"matthew-bird","Matthew Bird",{"job_title":564,"image":565,"bio":567,"linkedin":568},"Senior Editor - Supply Chains & Data Visualisation",{"filename":566},"https://a.storyblok.com/f/287943243085208/512x512/14738033ec/matthew-bird.jpeg","Matthew writes, edits and produces content for Benchmark Intelligence and Benchmark Source across the whole mine to grid supply chain. He also acts as a liaison to the press. He has a PhD in electrochemistry from the University of Nottingham.","https://www.linkedin.com/in/birdmatthew/",{"type":570,"attrs":571,"content":572},"doc",{"backgroundColor":49},[573,602,611,619,669,679,710,718,725,730,735,740,745],{"type":574,"attrs":575,"content":576},"paragraph",{"textAlign":49},[577,585,597],{"text":578,"type":579,"marks":580},"On-warrant copper stocks have risen by 63kt over the last three days, a more than 50% increase. This global rise – seen in Asia, ","text",[581],{"type":582,"attrs":583},"textStyle",{"color":584},"",{"text":586,"type":579,"marks":587},"the US",[588,595],{"type":589,"attrs":590},"link",{"href":591,"uuid":592,"anchor":49,"target":593,"linktype":594},"/article/in-charts-how-copper-demand-shows-us-increasing-import-dependence","94082a94-6cc8-4cc6-892d-d43b5d65687a","_self","story",{"type":582,"attrs":596},{"color":584},{"text":598,"type":579,"marks":599}," and Europe – is a response to the large backwardation that has opened up over the last couple of months, hitting particularly wide-levels in the last week. ",[600],{"type":582,"attrs":601},{"color":584},{"type":574,"attrs":603,"content":605},{"textAlign":604},"left",[606],{"text":607,"type":579,"marks":608},"Total stocks have pushed up 28kt with deliveries flowing onto the exchange. Beyond this a significant amount of cancelled stock has been re-warranted. ",[609],{"type":582,"attrs":610},{"color":584},{"type":574,"attrs":612,"content":613},{"textAlign":604},[614],{"text":615,"type":579,"marks":616},"The deliveries caused the LME cash-to-three month spread to fall significantly to around USD 175/t from over USD 550/t at points on Monday.  As of Wednesday 19 August, the LME three-month copper price is at USD 13,885/t, down nearly USD 300/t since Monday. ",[617],{"type":582,"attrs":618},{"color":584},{"type":574,"attrs":620,"content":621},{"textAlign":604},[622,627,636,641,650,655,664],{"text":623,"type":579,"marks":624},"\"The deliveries alleviate the fears of ",[625],{"type":582,"attrs":626},{"color":584},{"text":628,"type":579,"marks":629},"extreme nearby tightness",[630,634],{"type":589,"attrs":631},{"href":632,"uuid":633,"anchor":49,"target":593,"linktype":594},"/article/copper-supply-expansion-since-2010-offers-reassurance-on-market-tightness-concerns","bf91f239-bb5e-4896-b276-5510df623bb6",{"type":582,"attrs":635},{"color":584},{"text":637,"type":579,"marks":638}," for now, and LME inventories will be closely watched for signals on ",[639],{"type":582,"attrs":640},{"color":584},{"text":642,"type":579,"marks":643},"price movements",[644,648],{"type":589,"attrs":645},{"href":646,"uuid":647,"anchor":49,"target":593,"linktype":594},"/article/copper-hits-another-all-time-high-but-gains-fail-to-hold","cfa82740-886a-408d-b335-489d5e088c42",{"type":582,"attrs":649},{"color":584},{"text":651,"type":579,"marks":652},",\" said ",[653],{"type":582,"attrs":654},{"color":584},{"text":656,"type":579,"marks":657},"Albert Mackenzie",[658,662],{"type":589,"attrs":659},{"href":660,"uuid":661,"anchor":49,"target":593,"linktype":594},"/videos/copper-price-surge-whats-really-driving-the-market","eb11a444-fd5d-44ae-a656-686e486f76a2",{"type":582,"attrs":663},{"color":584},{"text":665,"type":579,"marks":666},", a copper analyst at Benchmark.",[667],{"type":582,"attrs":668},{"color":584},{"type":670,"attrs":671},"blok",{"id":672,"body":673},"3b9afc72-eacf-4f40-9c56-3409d26f5f29",[674],{"id":675,"_uid":676,"type":677,"component":678,"fixed_height":584,"use_fixed_height":50,"fixed_height_mobile":584,"fixed_height_tablet":584},"30007811","i-5526ba4a-e5c8-4740-ac90-7b8df340a076","visualisation","ContentFlourish",{"type":574,"attrs":680,"content":681},{"textAlign":49},[682,687,695,699,706],{"text":683,"type":579,"marks":684},"This topic and more are discussed in the latest episode of Benchmark's Copper Weekly podcast. Subscribe on ",[685],{"type":686},"italic",{"text":688,"type":579,"marks":689},"Spotify",[690,694],{"type":589,"attrs":691},{"href":692,"uuid":49,"anchor":49,"target":593,"linktype":693},"https://open.spotify.com/show/033s23qisjosaaybGScRNN","url",{"type":686},{"text":696,"type":579,"marks":697},", ",[698],{"type":686},{"text":700,"type":579,"marks":701},"Apple Podcasts",[702,705],{"type":589,"attrs":703},{"href":704,"uuid":49,"anchor":49,"target":593,"linktype":693},"https://podcasts.apple.com/us/podcast/copper-weekly/id1896873748",{"type":686},{"text":707,"type":579,"marks":708},", and all good podcast platforms.",[709],{"type":686},{"type":670,"attrs":711},{"id":672,"body":712},[713],{"_uid":714,"type":715,"component":716,"episode_id":584,"wrap_in_box":51,"player_title":717,"episode_limit":584},"i-a2270c66-fd66-41e4-8d08-b66f0fc46cb6","show","ContentPodcastPlayer","Benchmark Copper Weekly Podcast",{"type":719,"attrs":720,"content":722},"heading",{"level":721,"textAlign":604},2,[723],{"text":724,"type":579},"Why have copper stocks risen? ",{"type":574,"attrs":726,"content":727},{"textAlign":604},[728],{"text":729,"type":579},"The backwardation had grown as result of perceived tightness relating to declining stocks on the LME. These deliveries were a natural response to the backwardation which incentivised deliveries. ",{"type":574,"attrs":731,"content":732},{"textAlign":604},[733],{"text":734,"type":579},"Sources noted to Benchmark that they believed one large trading company was behind the deliveries. Though sources in China believe that some deliverers may have come from Chinese market participants. ",{"type":574,"attrs":736,"content":737},{"textAlign":604},[738],{"text":739,"type":579},"The increase in stocks has come a time of perceived acute tightness as on-warrant stock fell 100kt across July and 75kt across June. ",{"type":574,"attrs":741,"content":742},{"textAlign":604},[743],{"text":744,"type":579},"This tightness caused the copper cash-to-three month backwardation to increase significantly, reaching close to USD 550/t, the highest level in over 5 years. A significant amount of that arbitrage was in the front month with over USD 400/t of backwardation in the spread between August and September.  ",{"type":574,"attrs":746,"content":747},{"textAlign":604},[748],{"text":749,"type":579},"\"Lots of the current odd dynamics have come as huge amounts of copper heads to the US due to the high arbitrage caused by tariff uncertainty, making the global market feel tighter than it really is,\" Mackenzie said. \"As long as there is uncertainty on tariffs, situations like this could arise again.\" ","On-warrant copper stocks have risen by 63kt over the last three days, a more than 50% increase. This global rise – seen in Asia, the US and Europe – is a response to the large backwardation that has opened up over the last couple of months, hitting particularly wide-levels in the last week. \n\nTotal stocks have pushed up 28kt with deliveries flowing onto the exchange. Beyond this a significant amount of cancelled stock has been re-warranted. \n\nThe deliveries caused the LME cash-to-three month spread to fall significantly to around USD 175/t from over USD 550/t at points on Monday.  As of Wednesday 19 August, the LME three-month copper price is at USD 13,885/t, down nearly USD 300/t since Monday. \n\n\"The deliveries alleviate the fears of extreme nearby tightness for now, and LME inventories will be closely watched for signals on price movements,\" said Albert Mackenzie, a copper analyst at Benchmark.",[752],{"slug":753,"name":656,"content":754},"albert-mackenzie",{"job_title":755,"image":756,"bio":758,"linkedin":759,"markets_covered":760},"Copper Analyst & Market Reporter",{"filename":757},"https://a.storyblok.com/f/287943243085208/717x799/ffff7198e8/albert.jpeg","Albert is Benchmark's copper reporter, covering both supply and demand on the short term and adding narratives to the data and price movements. Albert writes the copper briefing and a lot of Benchmark's near term copper coverage.","https://www.linkedin.com/in/albert-mackenzie-b34681149/","Copper","article",[763,765,768],{"slug":764,"name":760},"copper",{"slug":766,"name":767},"critical-minerals","Critical Minerals",{"slug":769,"name":770},"raw-materials","Raw Materials","public",{"id":773,"alt":584,"name":584,"focus":584,"title":584,"source":584,"filename":774,"copyright":584,"fieldtype":775,"meta_data":776,"is_external_url":50},210758386475680,"https://a.storyblok.com/f/287943243085208/1600x1368/463c029ef5/copper-lme-thee-month-spread-2x.png","asset",{},{"id":778,"alt":584,"name":584,"focus":584,"title":584,"source":584,"filename":779,"copyright":584,"fieldtype":775,"meta_data":780,"is_external_url":50},210759292818235,"https://a.storyblok.com/f/287943243085208/5184x3456/ef29fe7c10/copper-cathode-stacked.jpeg",{"size":781},"5184x3456","On-warrant copper stocks have risen 63kt over the last three days, a more than 50% increase. This global rise – seen in Asia, the US and Europe – is a response to the large backwardation that has opened up over the last couple of months.","Aug 19, 2026","19th August 2026",[],[],{"id":788,"uuid":789,"name":790,"slug":791,"full_slug":791,"content":792,"relatedArticles":796,"relatedVideos":797},120886048076734,"4b6fbcc0-7881-4fbb-92ee-06d1ed3f3cec","⚙️ Settings","settings",{"_uid":793,"component":791,"black_listed_email_domains":794,"_editable":795,"formattedDate":584,"formattedArticleDate":584},"8dcafbcc-28de-4388-a68e-6b41e24f31bb","direkt.se\nstreetwisereports.com\nalpha-sense.com\nafrica-energy.com\ntcs.com\nmm-markets.com\nsmr-premium.com\nsci99.com\nlondoncib.com\nyeb.com.br\nnewautomotive.org\nsina.com.cn\ngwstrategies.net\noliverwyman.com\ndazeinfo.com\ndataintelo.com\ninfyos.com\nevalueserve.com\ninsightwoo.com\ncrescendoanalytic.com\nipaglobal.com\nweare121.com\nzemek.com\nryancommodityinsights.com\nonyxsi.com\ncostmine.com\nnickhatchmining.com\naethoslabs.com\nmysteel.com\nbuzblox.com\nfutureproofconsulting.com.au\ncmgroup.net\noptelgroup.com\nberylls.com\nreputex.com\nnumber-three.net\nrobertdallison.com\nwsp.com\nafriforesight.com\npaydirt.com.au\nmetal.com\ninforma.com\nfelixstrategy.com\ncrisil.com\nantaike.com\nbatterymaterialsreview.com\nsrk.com\nglobaltrustgrp.com\nnapiermeridian.com\nprojectblue.com\nplutonic-rma.com\nrosaearth.io\ndrivesustainability.org\nminehub.com\nscsglobalservices.com\nLynxglobalintelligence.com\nsphera.com\nminespider.com\nc-resource.com\ntdi-sustainability.com\nkumi.consulting\nsc-insights.com\nkallanish.com\naboutenergy.co.uk\nenant.io\nopisnet.com\nacuitycommodities.com\nevinfocus.com\nsfa-oxford.com\ncrugroup.com\nwoodmac.com\nspglobal.com\nrolandberger.com\nrcsglobal.com\nnornik.ru\nlivista.energy\nihsmarkit.com\ncapitalightresearch.com\namegroup.com\ncapitalight.co\nsustainablelabs.io\ncommoditiesanalysis.co.uk\navicenne.com\nkearney.com\nnornickel.net\n5napier.com\nvoltility.net\ngf.com.cn\nhindenburgresearch.com\ndigbee.com\nadamasintel.com\nac-harvard.com\nsneresearch.com\ninventusbioenergy.com\nproactiveinvestors.com\nauroraer.com\nresourceworld.com\nbatteryline.com\norennia.com\nfastmarkets.com\nmsci.com\nbcg.com\nklinegroup.com\ndelta-ee.com\nskarnassociates.com\nricardo.com\ncleanhorizon.com\np3-group.com\naccenture.com\nporsche-consulting.com\numlaut.com\nadi-analytics.com\ncpmgroup.com\nilimarkets.com\nminviro.com\nmckinsey.com\ncicenergigune.com\ne4tech.com\nargusmedia.com\ndolbear.com\nerm.com\nlithium.org\nradiusq.com\ndigivla.com\njeri.co.jp\ntopology.com.tw\nsaurenergy.com\novaladvisory.com\ngsixenergy.com","\u003C!--#storyblok#{\"name\": \"settings\", \"space\": \"287943243085208\", \"uid\": \"8dcafbcc-28de-4388-a68e-6b41e24f31bb\", \"id\": \"120886048076734\"}-->",[],[],1787157293736]