US Copper Imports Soar to Record High Ahead of Trump Tariff Decision

Copper imports into the US have surged to their fastest rate in at least 12 years as traders position themselves ahead of President Donald Trump's decision on tariffs for refined copper imports.

In July, over 200,000 metric tons arrived in the US, the largest monthly inflow on record in IHS Markit shipping data going back to 2014. This influx will add to the vast stockpiles that have accumulated over the past year, with combined Comex and London Metal Exchange inventories exceeding 740,000 tons.

The import surge has been closely watched as it has come at the expense of supplies in the rest of the world. Inventories in LME warehouses outside the US have fallen sharply this year as traders diverted metal to American ports to capture higher prices.

'The tariff arbitrage is ruling the roost over demand growth,' said Michael Cuoco, head of metals at StoneX Financial Inc. 'Those that are closer to whomever is making the formal decision believe they will be better off by bringing more copper into the US today rather than tomorrow.'