2026-09-02 to 2026-09-07 · 4 observations
Visible exchange stocks only; component dates can differ across venues and this is not synchronized global inventory.Open source ↗Collection verified: 2026-09-08 05:01 UTC
Live radar
New evidence enters as a question.
Automated collection surfaces candidates as Reviewing. Only source-checked Signal Cards become Observed.
Reviewing14needs source review
Observed5evidence checked
Asset watch26collection active
Global copper physical-market monitor
Where is copper moving?
A live research surface for mine, policy, demand and logistics signals. Every point carries a source trail, a mechanism, and a reason it might be wrong.
The market assessment needs human renewal because its review date or a core evidence row is due.Collection SLA: 0 critical / 1 important overdue.
Evidence gaps4
Pipeline lanes awaiting a reviewed baseline.
Input qualityPass
Links, grades, and review dates pass a structural check.
Overdue review0
Evidence rows past their scheduled source check.
Due within 7 days1
Next source-verification work already on the queue.
Latest release retained; prior comparison unavailable.
Official customs series is gross concentrate mass, not contained copper.2026-06 to 2026-07
Monthly public reference; not an intraday futures quote, physical premium, or forecast.Open source ↗These are recorded public-observation changes. They do not establish a global balance or price direction.
Inventory history
Visible exchange stocks, 60-day view
LME + COMEX + SHFE source-sheet composite. Each point retains its own venue observation dates.
60-day changeCollecting4 / 60 observations recorded
LME236K t
COMEX696K t
SHFE63K t
Latest source sheet: 2026-09-07. This is a visible-stock proxy, not synchronized global inventory.
Current assessment
Mixed evidence - no directional balance call
All four core modules have a dated observation, but the evidence is mixed, short-dated, and incomplete for a global refined-copper balance conclusion.
As of2026-09-03Recheck2026-09-09
01Mine supply is mixed: Escondida reported lower output from planned lower feed grade, while Cobre Panama stockpile processing does not establish a mine restart.
02Refining is constrained at Manyar, but the operator's full-resumption plan has no confirmed date or utilization level.
03China's broad manufacturing proxy improved in orders and production, but the headline PMI remained below 50 and is not a copper-volume series.
04Visible exchange stocks rose 3,568 tonnes in one COCHILCO daily comparison, with the SHFE component dated earlier than LME and COMEX.
Strongest counter-case
The observed signals can reflect local timing, grade, stockpile handling, or warehouse location changes rather than a global physical balance. A repeated inventory trend, a sector-specific China demand measure, and confirmed refinery output are needed before a directional balance assessment.
Next check
Reassess after the next five COCHILCO inventory sheets and an FCX operational update, or on 2026-09-09, whichever comes first.
Observed Reviewing Watch
180°W
180°E
Signals are research states, not price calls. Source-review candidates expire after 7 days.
Incoming research queue
What the radar just caught.
Official source change
Rio Tinto News entered review.
Primary operator disclosures are needed to verify Oyu Tolgoi underground ramp-up and operating changes.
Official source change
Lundin Mining News entered review.
Primary operator updates can confirm production, weather, and labour effects at Candelaria and Caserones.
Official source change
China National Energy Administration News entered review.
Official power-sector releases cover solar and wind capacity, power-grid investment, and industrial electricity use, all important copper-demand proxies.
Official source change
China NBS Statistical Releases entered review.
Official PMI releases provide early evidence on manufacturing production, new orders, purchase volumes, and raw-material inventories.
Official source change
Peru MINEM Mining Statistics Bulletin entered review.
Monthly Peruvian mining production data and source documents.
Official source change
COCHILCO Weekly Copper Report entered review.
Chilean copper-market context, weekly price drivers, and inventory commentary.
Official source change
Panama MiAmbiente Cobre Panama Audit entered review.
The government audit is an independent public checkpoint on environmental compliance and the process governing the mine's future.
Official source change
China Automobile Dealers Association Market Analysis entered review.
Passenger-vehicle market reports provide a second public check on EV and domestic auto demand signals.
Public hazard lead
Collahuasi mine needs a nearby_earthquake source check.
Magnitude 4.8 earthquake 138 km from the configured mine watch point.
Public hazard lead
Chuquicamata division needs a nearby_earthquake source check.
Magnitude 4.8 earthquake 21 km from the configured mine watch point.
Public hazard lead
Radomiro Tomic division needs a nearby_earthquake source check.
Magnitude 4.8 earthquake 26 km from the configured mine watch point.
Asset watch
No new thermal/fire leads at Escondida mine, Cobre Panama, Grasberg minerals district, Collahuasi mine, Cerro Verde mine, Antamina mine, Los Pelambres mine, Buenavista del Cobre, Morenci mine, Kamoa-Kakula complex, Tenke Fungurume mine, Kansanshi mine, Sentinel mine, El Teniente division, Chuquicamata division, Radomiro Tomic division, Los Bronces mine, Las Bambas mine, Antapaccay mine, Toromocho mine, Candelaria mine, Caserones mine, Oyu Tolgoi mine, Lumwana mine, Kamoto Copper Company.
A clean screen is not proof of normal operations.
Research coverage
What the map can actually support.
PipelineEvidence stateReviewed rows
1. Mine supplyEvidence ready2
2. Smelter and refiningEvidence ready1
3. Concentrate and TC/RCProposal waiting0 + 1 pending
4. Visible inventoriesEvidence ready1
5. Trade and portsProposal waiting0 + 1 pending
6. End-use demandEvidence ready1
7. Policy, power, and disruptionProposal waiting0 + 1 pending
8. Price and market structureProposal waiting0 + 1 pending
01
Source first A page change starts a review. It is never a conclusion.
02
Mechanism second Each claim names its position in the physical copper chain.
03
Counter-case always We publish the best reason a signal may not matter.