Tariff Fears Fuel Record Copper Stockpiles as Prices Soar

US copper stockpiles have surged to record highs due to fears of potential import tariffs. Over 200,000 tons of refined copper landed at US ports in July, marking the largest monthly volume since 2014.

The Comex inventories have climbed for 46 consecutive days, reaching a record 675,185 metric tons. This has pushed prices near all-time highs, with copper for September delivery surging to $6.7270 a pound on the New York Commodity Exchange, or approximately $14,830 a metric ton.

This price marks a nearly 4 percent premium over the London Metal Exchange (LME), where three-month contracts traded within striking distance of the US$14,527.50 all-time peak set in January.

The rush is driven by uncertainty surrounding US trade policy and the looming potential for a 15 percent tariff on refined copper starting in January 2027, escalating to 30 percent by 2028.