Copper Imports Soar to 12-Year High, Tightening Global Supplies

US copper imports reached a 12-year high in July 2026, surpassing 200,000 metric tons. This surge led to a 14% decrease in London Metal Exchange (LME) stocks and widened the delivery premium for immediately available copper.

The September COMEX contract hit a record $6.7140/lb on August 12, but retreated to below $6.55 the following day due to tariff uncertainty.

Global mine output fell 1.6% in the first five months of 2026, limiting the supply response to higher prices.