Affected by expectations that the US may introduce import tariffs on refined copper, global copper resources are pouring into the US at the fastest rate in at least 12 years. This major shift in global copper inventories, triggered by “tariff arbitrage,” led to an obvious imbalance in regional distribution in the global copper market, and unexpectedly boosted international copper prices against the backdrop of relatively sufficient global total supply. According to shipping data, about 200,000 tons of refined copper arrived in the US in July this year, the largest monthly inflow since records began in 2014. Currently, about 110,000 tons of metal are stored in US ports in warehouses not authorized by the London Metal Exchange. Affected by this, the New York Mercantile Exchange's official copper inventory has climbed more than 40% this year to a record high. According to extensive market estimates, the total amount of spot copper reserves currently locked in the US is approaching 1 million tons.

Affected by expectations that the US may introduce import tariffs on refined copper, global copper resources are pouring into the US at the fastest rate in at least 12 years. This major shift in global copper inventories, triggered by “tariff arbitrage,” led to an obvious imbalance in regional distribution in the global copper market, and unexpectedly boosted international copper prices against the backdrop of relatively sufficient global total supply. According to shipping data, about 200,000 tons of refined copper arrived in the US in July this year, the largest monthly inflow since records began in 2014. Currently, about 110,000 tons of metal are stored in US ports in warehouses not authorized by the London Metal Exchange. Affected by this, the New York Mercantile Exchange's official copper inventory has climbed more than 40% this year to a record high. According to extensive market estimates, the total amount of spot copper reserves currently locked in the US is approaching 1 million tons.