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Copper shipments surge into US ahead of proposed tariff threat

More than 200,000 tonnes arrived in the US last month, lifting Comex and LME inventories above 740,000 tonnes, with additional metal held at US ports.

Reported · Written up by our desk · Industrial Metals

Copper shipments from around the world have surged into the United States as Donald Trump has proposed new tariffs on cathode imports, according to SCMP Economy. Analysts warned that if a tariff showdown does not stick, US copper prices could face short term downside risk, citing a prior so called “Taco” scenario.

IHS Markit shipping data showed more than 200,000 tonnes of copper landed in the US last month, the outlet reported as a 12 year high for monthly inflows. SCMP Economy said this helped push combined US-based Comex and LME inventories above 740,000 tonnes.

The outlet also pointed to storage at US ports, saying an additional 110,860 tonnes were being held as of Friday, citing LME data. SCMP Economy added that Bloomberg reported LME warehouse stock levels outside the United States have fallen sharply this year, and that tariff uncertainty has also helped pull copper out of the Chinese mainland.

SCMP Economy said the shift has been visible in Shanghai’s bonded warehouse hubs, citing Lingang as a major center where the trend has unfolded since the start of the year.

Latest closeCopper $6.632 ▲1.8%

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