Copper shipments to the United States have surged in response to US President Donald Trump’s proposed new tariffs on cathode imports. According to IHS Markit shipping data, over 200,000 tonnes of copper landed in the US in July, the highest monthly inflow in 12 years. This influx has reportedly pushed the combined inventories held at the New York Commodity Exchange (Comex) and the London Metal Exchange (LME) above 740,000 tonnes.

Additionally, the LME reported that 110,860 tonnes of copper were held in storage at US ports as of the most recent Friday. Bloomberg noted that stock levels at LME warehouses outside the United States have sharply declined this year. Analysts also observed that the outflow of copper is not limited to LME facilities; data indicates that Trump’s tariff threat is drawing copper out of the Chinese mainland, with Shanghai’s Lingang bonded-warehouse hub reflecting this trend since early 2026.

Some analysts caution that if a "Taco scenario"—a reference to Trump potentially reversing the tariff policy—occurs, copper prices in the US could fall in the short term.

Sources