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U.S. refined copper imports hit a 12-year high as tariffs loom

More than 200,000 tonnes of refined copper were imported in July, pushing the U.S. copper stockpile past 1 million tonnes while LME warehouse stocks fell for 42 straight sessions.

Reported · Written up by our desk · Industrial Metals

U.S. importers pulled in more than 200,000 tonnes of refined copper in July, the biggest monthly volume in at least 12 years, according to OilPrice. The inflow adds to copper already stored across Comex warehouses, LME-registered stock, and private port storage, lifting the U.S. copper stockpile to above 1 million tonnes.

The build appears linked to expectations around U.S. duties on refined imports. OilPrice says the stockpile has been built “almost entirely” on the bet that Washington will tax refined copper entering the country, while LME warehouse stocks have fallen for 42 straight sessions to 204,975 tonnes, with nearly half marked for withdrawal.

Copper prices have also reflected tight prompt availability in the U.S. Cash copper is trading at a 434-a-tonne premium to the three-month contract, the widest gap since the 2021 squeeze, and buyers paying record prices near $14,500 a tonne.

OilPrice adds that the timing of the decision remains uncertain. A proposed 15% tariff on refined copper starting January 2027 would step up to 30% in 2028, and while the Commerce Department was supposed to deliver its recommendation by June 30, the deadline passed without a public ruling as traders weigh both outcomes.

Latest closeCopper $6.606 ▲0.2%

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