Key facts
- U.S. refined copper imports reached a 12-year high in July.
- Over 200,000 tonnes of refined copper were imported in July.
- U.S. domestic copper stockpiles surpassed 1 million tonnes.
- Anticipation of U.S. tariffs on refined copper imports is driving the surge.
- Global LME copper stocks have fallen to multi-year lows.
In July, the United States experienced a significant surge in refined copper imports, reaching a 12-year high with over 200,000 tonnes received. This influx has pushed domestic stockpiles beyond the 1 million tonne mark. The primary driver behind this import boom is the expectation of a potential U.S. tariff on refined copper imports. This anticipation has led importers to stock up on the metal before any new duties could be imposed.
Simultaneously, global copper supplies are tightening, as evidenced by the London Metal Exchange (LME) stocks, which have fallen to multi-year lows. This global depletion of readily available copper further exacerbates the supply concerns and potentially influences pricing dynamics. The combination of increased U.S. demand ahead of tariffs and dwindling global reserves paints a picture of a tightening market for refined copper.