US Copper Imports Reach 12-Year High Amid Tariff Speculation

U.S. importers brought in over 200,000 tonnes of refined copper in July, marking the highest monthly volume in at least 12 years as stockpiles exceed 1 million tonnes.

Buyers are paying record prices near $14,500 a tonne for prompt metal, with cash copper trading at a $434-a-tonne premium to the three-month contract due to supply squeezes.

The surge is driven by anticipation of a proposed 15% tariff on refined imports starting January 2027, though Societe Generale estimates only a 14.6% probability of the duty landing on schedule.