en.Wedoany.com Reported - Refined copper is flowing into U.S. ports at the fastest pace since maritime statistics began in 2014. Operators and traders are racing to build inventories at U.S. ports ahead of President Donald Trump's final decision on tariffs for imported refined copper.
In July 2026, approximately 200,000 metric tons of copper were unloaded on U.S. territory, the largest single-month import volume since consulting firm IHS Markit began recording maritime statistics in 2014. Of that, roughly 110,860 tons were temporarily stored in port warehouses outside the London Metal Exchange (LME) warrant system.
The metal stockpiling in North America has come at the expense of supply in the rest of the world. LME warehouse inventories outside the U.S. have fallen sharply this year, as traders diverted cargoes from Europe and Asia to North American facilities to capture higher prices. This has created tightness in prompt supply on the London market, with the LME cash and short-dated contracts trading at a premium of around $65 per ton over the three-month futures contract, the steepest backwardation structure since January.
The spread between New York's Comex and London's LME remains persistently wide. In July, the average gap between the Comex front-month contract and the LME cash value exceeded $350 per metric ton, enough to cover shipping costs, redirecting commercial flows toward the U.S. Driven by arbitrage, official inventories at Comex registered warehouses have risen more than 40% year-to-date to record highs. It is estimated that total copper reserves accumulated within the U.S., including both official inventories and private warehouses, have far surpassed 1 million metric tons.
Despite the June 30 deadline having passed for Commerce Secretary Howard Lutnick to submit recommendations, the White House has yet to issue an official statement, and copper flows continue to accelerate. Producers, global mining companies, industrial firms, and traders are all awaiting the government's decision on whether to extend the current 50% tariff—applicable to semi-fabricated copper products—to refined copper cathodes.
Mining.com reports that in U.S. domestic political discussions, proponents argue tariffs will stimulate domestic mining and refining investment, while opponents warn they will drive up costs for local manufacturers that rely on imported copper. The tariff threat has already prompted the U.S. to build strategic buffer inventories, with copper viewed as a critical input for the energy transition, power grids, artificial intelligence (AI) infrastructure, electric vehicles, and the defense industry.
Market expectations center on two possible outcomes: if Washington formally imposes tariffs on refined metal—initially planned as a tiered rate of 15% starting January 2027—a final rush of shipments will occur before the tariffs take effect. If the proposal is formally rejected, traders will unwind positions accumulated over the past 18 months, and export flows will quickly reverse toward Asia and Europe.
