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

Copper is flooding into the US at an unprecedented rate as traders position themselves ahead of President Donald Trump's decision on tariffs for refined imports. The influx has been building since last year, with about 200,000 metric tons arriving in July, marking the largest monthly inflow on record in IHS Markit shipping data going back to 2014.

The surge is being closely watched as it has come at the expense of supplies elsewhere in the world. Inventories in London Metal Exchange warehouses outside the US have fallen sharply this year as traders diverted metal to American ports to capture higher prices.

Comex copper in New York continues to trade at a premium to the LME, preserving an arbitrage that encourages shipments into the US. Official Comex inventories have climbed more than 40% this year to a record, with the total US copper hoard estimated at well above 1 million metric tons.