U.S. Copper Imports Hit 12-Year Record as LME Stocks Crash

Source Summary

U.S. importers brought in more than 200,000 tonnes of refined copper in July, the largest monthly volume in at least 12 years. Combined with existing stocks in Comex warehouses, LME-registered storage, and private port facilities, the country's total copper stockpile has exceeded 1 million tonnes, largely accumulated on expectations of U.S. tariffs on refined imports. Meanwhile, LME warehouse stocks have declined for 42 consecutive sessions, the longest losing streak since 2014, falling to 204,975 tonnes with nearly half already committed.