US Copper Imports Soar to Highest Monthly Volume Since 2014

July saw the highest monthly volume of US copper imports since 2014, exceeding 200,000 metric tons. This influx has lifted combined US Comex and London Metal Exchange (LME) warehouse inventories above 740,000 tons, with another 110,860 tons held in private US port storage.

The LME cash contract traded at a $65/mt premium to the three-month contract, indicating tighter short-term physical copper supply outside the US. This is reflected in the widening backwardation since January, where the LME copper settled at $13,848/mt.

J.P. Morgan projects a 330,000-ton refined copper deficit in 2026, while Goldman Sachs forecasts a near-term surplus. However, existing tariffs on semi-finished copper products and derivatives have encouraged tariff-driven copper imports into the US, reducing inventories in LME warehouses outside the US.