Copper Floods US as Traders Anticipate Tariff Uncertainty
Copper imports into the US have surged to a 12-year high as traders anticipate potential tariffs under President Donald Trump's proposed new regulations.
IHS Markit shipping data showed that over 200,000 tonnes of copper landed in the US last month, pushing combined US-based inventories above 740,000 tonnes, according to the New York Commodity Exchange (Comex) and the London Metal Exchange (LME).
An additional 110,860 tonnes were being held in storage at US ports as of Friday, according to the LME.
The influx is attributed to Trump's tariff threat, which has pulled copper out of the Chinese mainland, with a sharp decline in stock levels at LME warehouses outside the US this year.
Analysts warn that if Trump 'chickens out' and does not follow through on the tariffs, copper prices in the US could fall in the short term.