US Copper Inflows Hit 12-Year High Amid Tariff Threats

Copper inflows into the United States surged to approximately 200,000 metric tons in July 2026, the highest monthly volume since 2014. This surge is driven by traders stockpiling the metal to capitalize on price premiums and prepare for a pending decision by Donald Trump regarding tariffs on refined copper imports.

The White House is considering extending tariffs to raw metal, supplementing existing 50% levies on semi-finished copper products. Commerce Secretary Howard Lutnick was previously assigned to study a phased tariff beginning at 15% in January 2027.

This market shift has significantly impacted global commodity hubs, depleting inventories in London Metal Exchange warehouses while pushing Comex inventories to record levels, with a more than 40% increase this year. Proponents of the tariffs argue the move will boost domestic mining and processing. Conversely, opponents warn that higher costs will impact manufacturers of defense systems, power grids, and electric vehicles.