COMEX Warehouse Inventory
Track physical metal stocks in COMEX-approved depositories
Silver
Track COMEX silver warehouse inventory. Silver stocks are measured in troy ounces and represent physical metal stored in approved COMEX depositories.
Gold
Track COMEX gold warehouse inventory. Gold stocks represent physical bars stored in approved vaults across the United States.
Copper
Track COMEX copper warehouse inventory. Copper stocks are measured in pounds and stored in approved warehouses.
Platinum
Track NYMEX platinum warehouse inventory. Platinum stocks are measured in troy ounces, critical for catalytic converters and hydrogen fuel cells.
Palladium
Track NYMEX palladium warehouse inventory. Palladium is essential for gasoline catalytic converters with concentrated supply from Russia and South Africa.
Aluminum
Track COMEX aluminum warehouse inventory. Aluminum stocks are measured in metric tons at approved delivery points.
Zinc
Track COMEX zinc warehouse inventory. Zinc stocks are measured in metric tons, essential for galvanizing steel.
Lead
Track COMEX lead warehouse inventory. Lead stocks are measured in metric tons, primarily driven by battery demand.
What Is COMEX?
COMEX (Commodity Exchange) is a division of the CME Group and the world's primary futures exchange for precious and base metals. It operates approved warehouses across the United States where physical gold, silver, and copper are stored. These warehouse stocks back the futures contracts traded on the exchange and provide transparency into the physical supply available for delivery. COMEX inventory data is released daily and is closely watched by traders, analysts, and investors worldwide.
Why Warehouse Inventory Matters
COMEX warehouse inventory is one of the most important indicators of physical metal supply in Western markets. When inventory levels decline, it suggests that physical demand is outpacing supply being delivered to warehouses. Persistent drawdowns can signal a tightening market that may eventually push prices higher. Conversely, rising inventory indicates comfortable supply conditions. The ratio of registered to eligible metal is also significant because it shows how much inventory is immediately available for futures contract delivery.
Registered vs Eligible Inventory
COMEX inventory is split into two categories. Registered metal has an active warrant attached and is available for delivery against futures contracts. Eligible metal meets the exchange's standards for purity and weight but has not been warranted for delivery. Metal can move between these categories: owners register eligible metal when they want to make it deliverable, or they can remove warrants from registered metal to take it off the delivery pool. Watching the flow between categories provides insight into market participants' intentions.
COMEX Delivery Process Explained
The COMEX delivery process follows a structured timeline each contract month. First Notice Day marks the first day on which a holder of a short futures position can notify the exchange of their intent to deliver physical metal. Last Trading Day is the final day the expiring contract can be traded. Between these dates, delivery intentions are matched between short (sellers) and long (buyers) position holders through the exchange's assignment process.
In practice, the vast majority of futures contracts are rolled or closed before delivery. Traders typically roll their positions forward to the next active contract month rather than taking or making physical delivery. Only a small percentage of open interest results in actual metal changing hands through COMEX warehouses.
However, delivery spikes can be significant market signals. A sudden increase in delivery notices may indicate that physical demand is strong enough for buyers to prefer taking actual metal rather than maintaining paper positions. Tracking delivery volumes alongside inventory changes provides a more complete picture of physical market conditions.
Data Sources & Methodology
MetalCharts sources COMEX inventory data from the CME Group's official warehouse stock reports, which are published each business day after market close. For precious metals (gold, silver, platinum, palladium), reports cover registered and eligible stocks at each approved depository. For base metals (copper, aluminum, zinc, lead), reports cover warranted and non-warranted stocks at approved delivery points.
Update frequency is daily for most metals. Precious metals reports (gold, silver, platinum, palladium) and copper reports are typically available by early evening US Eastern Time. Base metals reports (aluminum, zinc, lead) follow a similar schedule.
Our system processes each report to extract per-depository data, calculate net changes from the previous day, and store historical records. This allows users to track long-term inventory trends, identify seasonal patterns, and correlate warehouse stock movements with price action and broader market developments.
Frequently Asked Questions
- What is COMEX warehouse inventory?
- COMEX warehouse inventory is the total amount of physical metal stored in CME Group-approved depositories across the United States. These stocks back futures contracts and are reported daily, broken into registered (available for delivery) and eligible (meets standards but not yet earmarked) categories.
- Why do traders watch COMEX inventory levels?
- Declining COMEX inventory can signal tightening physical supply, which may put upward pressure on prices. Rising inventory suggests comfortable supply. Large, sudden drawdowns often indicate strong physical demand that futures markets may not yet reflect.
- What is the difference between registered and eligible inventory?
- Registered inventory has been assigned a warrant and is available for delivery against futures contracts. Eligible inventory meets exchange purity and weight standards but has not been registered for delivery. Metal can move between categories as owners decide whether to make it deliverable.
- How often does COMEX update inventory data?
- COMEX publishes warehouse stock reports daily, typically after market close. Reports include per-depository breakdowns showing registered and eligible stocks, previous day values, and net changes for each approved vault operator.
- Who stores metal in COMEX warehouses?
- COMEX-approved depositories include major vault operators such as JP Morgan Chase, Brink's, HSBC, Malca-Amit, and others. These facilities are located across the United States and must meet strict CME Group standards for security, insurance, and reporting.
- What happens on COMEX First Notice Day?
- First Notice Day is the first day on which holders of short futures positions can declare their intent to deliver physical metal against their contracts. Long position holders who do not wish to take delivery typically roll or close their positions before this date. A surge in delivery notices around First Notice Day can signal strong physical demand.