700k Tons of Copper Stockpiled in US, Prices Refuse to Budge

Copper prices remain near historic highs despite record stockpiles in U.S. warehouses. According to CME Group's latest metals update, COMEX-approved warehouses now hold roughly 700,000 short tons of copper.

This anomaly is partly due to uncertainty around future import tariffs, which has encouraged physical copper shipments into the United States. As a result, both domestic inventories and regional price premiums have increased.

Tariffs are not the only factor driving demand for copper. CME notes that AI infrastructure and grid expansion are structural sources of copper demand, particularly in the context of data centers requiring large amounts of electrical equipment and cables, transformers, and other copper-intensive infrastructure.