US Copper Imports Soar to 12-Year High Amid Tariff Fears
Copper imports into the US are surging at their fastest rate in at least 12 years, according to Bloomberg. This rapid influx of copper is being driven by traders rushing shipments ahead of potential tariffs on refined copper imports.
The surge in physical inflows has increased immediate demand and spot market tightness, directly supporting recent upward price momentum. Copper's price remains above its key short- and medium-term moving averages, confirming robust intraday momentum.
On the technical side, the price of copper is trading at $6.6458, up 1.61% on the day and holding near session highs. Momentum indicators such as MACD and ADX both register a 'Buy' signal, while the RSI, Stoch RSI, and CCI reside in overbought territory.
The current surge in US copper imports expands the bullish case for copper, making the $6.5797 support level a critical threshold to monitor for any signs of a reversal in the coming sessions.