Tariff Threat Concentrates 70% Copper Stocks in US
President Donald Trump’s tariff threat has drawn more than 1 million metric tons of copper into U.S. warehouses without public spending, leaving COMEX stocks at roughly 70% of the world’s visible inventories and tightening supply elsewhere despite a global surplus. The flow was driven by a price premium over London Metal Exchange copper, which peaked above $3,000 per ton but has since narrowed to about $310, weakening the incentive to ship more metal to the United States. Traders are now waiting for a decision on possible import duties, while analysts say the stockpile has benefited traders and warn that the tariff uncertainty’s effect on copper flows may be fading.
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