Copper Prices Surge as US Imports Tighten Global Supply

A surge in U.S. copper imports has tightened global supply, pushing LME three-month copper prices above $14,000 per tonne for the first time since June 3.

Copper stocks in Hong Kong are rising as a result, with China Gold International up 8.26% to HK$196.20 and MMG Limited gaining 5.75% to HK$9.01.

The increase in U.S. imports is driven by trade flow distortions due to anticipated tariff policies and cross-market arbitrage opportunities, as well as copper's rising strategic value.

Copper inventories in China have declined sharply over the past three months, with SHFE copper warrants falling to approximately 70,000 tonnes, the lowest level in over two years and down more than 80% from the March peak of 430,000 tonnes.