US Copper Reserves Soar as Market Prepares for Tariffs
Over 200,000 metric tons of copper flowed into the United States in July, marking the highest monthly inflow since IHS Markit began tracking shipping data in 2014. The surge is largely driven by market expectations that President Trump may impose tariffs on imported refined copper, prompting traders to stockpile ahead of time.
Total US reserves are estimated at over 1 million tons, with combined inventories at the New York Mercantile Exchange (COMEX) and London Metal Exchange (LME) warehouses in the US surpassing 740,000 tons. Copper prices remain elevated, with LME prices briefly approaching $14,000 per ton in July.
The key question on the market's mind is whether global copper supplies will become even more concentrated in the US if Washington ultimately imposes stricter import restrictions, and whether this shift will continue to push prices higher.