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Copper jumps in July as tariff confusion boosts refined inflows

Spot copper rose 3.65% in July, and more than 200,000 metric tons of refined copper arrived at U.S. ports that month as traders front-ran potential tariff changes.

Reported · Written up by our desk · Industrial Metals

Copper prices continued to firm in July, with spot copper up 3.65% over the month, according to Sprott Asset Management director of ETF product management Jacob White, CFA, as of July 31, 2026. The metal was also up 11.10% year to date over the same period.

ETF Trends attributed the recent strength to tariff uncertainty and demand tied to artificial intelligence. White said the U.S. imposed a 50% tariff on semi-finished copper products, but had not initially adopted a Commerce Department recommendation for refined copper tariffs, leaving market participants unsure how refined copper imports would be taxed.

That confusion, in turn, prompted companies to ship refined copper into the United States before potential tariff implementation. White noted that more than 200,000 metric tons of refined copper reached U.S. ports in July, described as the largest monthly inflow in data dating back to 2014.

On the demand side, White said the AI narrative is shifting from a focus on hardware toward stronger electrical infrastructure, where copper is used broadly. He also pointed to the Sprott Copper Miners ETF, COPP, which provides exposure to both copper miners and physical copper, as potentially benefiting from the setup.

Latest closeCopper $6.606 ▲0.2%

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