The London Metal Exchange (LME) has released data showing that the inventory of LME copper increased to a near five-year high on August 29, and then entered a downward trend. Last week, inventory changed little, with the latest inventory level at 272,400 tons, which is at a three-month relative low.

The latest data released by the Shanghai Futures Exchange shows that the inventory of Shanghai copper continued to decline in the week ending November 8, with weekly inventory down 8.85% to 139,662 tons, reaching a new low of eight and a half months. International copper inventory increased by 22.32% to 17,799 tons.

Last week, the inventory of New York copper changed little, with the latest inventory level at 88,802 tons, which is at a relative high of over four years.