Traders are flooding American warehouses with refined copper to beat potential import tariffs, draining global inventories and pushing prices near all-time highs despite sufficient physical supply worldwide. On the New York Commodity Exchange, copper for September delivery surged to a record US$6.7270 a pound, or approximately US$14,830 a metric ton. The price marks a nearly 4 percent premium over the London Metal Exchange (LME), where three-month contracts traded within striking distance of the US$14,527.50 all-time peak set in January. Comex inventories have climbed for 46 consecutive days, reaching a record 675,185 metric tons. In July alone, more than 200,000 tons of copper landed at US ports —the largest monthly volume recorded in IHS Markit shipping data dating back to 2014. The US imported 885,000 tons of refined copper cathodes in the first half of 2026, pacing to approach the record 1.64 million tons imported in 2025. Tariff threat drives copper inflows Uncertainty surrounding US trade policy continues to drive the rush. The US Commerce Department was scheduled to deliver a copper market report to the White House by June 30. The review will determine whether the administration proceeds with a 15 percent tariff on refined copper starting in January 2027, which could escalate to 30 percent by 2028. With the looming escalating tariffs, the excess copper in US warehouses could serve as a critical domestic reserve rather than triggering a rapid destocking cycle. This mass
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