US copper inflows hit fastest pace in at least 12 years ahead of Trump tariff decision
AI Market Summary
US refined copper imports surged as traders front-run potential phased 15% tariffs starting in 2027, pushing Comex inventories to records and widening the Comex-LME spread. The arbitrage is diverting supply from LME warehouses, tightening nearby London availability (backwardation) while building large US stockpiles. The market is highly sensitive to the White House decision timing, which could rapidly shift global trade flows and inventory distribution.
Impact level
● High
Affected assets
NCCO724COPPER2USD/USDT+1.12%
AI Insight · NCCO724COPPER2USD/USDTAI Insight
● Neutral
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Refined copper is flooding into the US as traders position for President Donald Trump’s pending decision on tariffs for refined imports. About 200,000 metric tons arrived in July, the largest monthly inflow in IHS Markit shipping data going back to 2014. Comex inventories have risen more than 40% this year to a record, and total US copper stockpiles are widely estimated at well above 1 million metric tons. The Comex-LME spread averaged more than $350 a metric ton in July, keeping an arbitrage that is drawing metal into US warehouses.
