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.

Radiant World, an iron ore trading firm, expanded its annual volumes from about 7 million tons in 2014 to 43 million tons in 2024, with roughly $12 billion in yearly revenue. Concerns about its credit risk have drawn attention, with Intesa Sanpaolo SpA confirming exposure of around €200 million ($231 million) and Jefferies Financial Group Inc.’s Point Bonita fund saying its exposure is less than $300 million. The company has been a significant counterparty and borrower for major traders, miners and banks. The situation has highlighted potential fragilities in commodity trade finance and weighed on confidence and liquidity in the iron ore market.