The US copper price climbed to a fresh record Wednesday as tariff uncertainty continued to pull metal into domestic warehouses while inventories declined in other major markets.
Copper for September delivery touched $6.7045 per pound, equivalent to $14,781 per tonne, on the Comex. The contract surpassed its previous intraday high of $6.69 per pound, highlighting the widening divide between the US copper market and international supply hubs.
Tariff Uncertainty Pulls Copper Into the US
The existing 50% US tariff covers semi-finished copper products but excludes refined copper. That exemption remains under review, with the Trump administration yet to announce whether tariffs will be extended to refined metal.
The original Commerce Department proposal called for a 15% tariff on refined copper imports beginning in January 2027, followed by an increase to 30% in 2028. The prospect of those duties has encouraged traders to move copper into the United States before a final decision.
US refined copper imports rose 80% year over year to 1.64 million tonnes in 2025. Imports increased another 13% to 763,000 tonnes during the first five months of 2026, according to data cited by Reuters.
By late July, CME warehouses held 58% of the world’s visible exchange copper inventories.
ING said the buildup was not driven by increased consumption. Instead, tariff-related price differences have redistributed available metal and effectively locked significant volumes inside the US market.
Inventories Tighten Outside the US
Copper inventories on the Shanghai Futures Exchange fell from 433,458 tonnes in March to 69,610 tonnes by late July. The Yangshan copper premium, an indicator of Chinese import demand, increased from $59 per tonne in June to a four-year high of $115.
London Metal Exchange inventories also declined, falling from more than 400,000 tonnes in May to approximately 262,000 tonnes. Available on-warrant stocks dropped to slightly above 100,000 tonnes, while the cash price moved to a premium over three-month copper, indicating tighter near-term availability.
The strain is not entirely the result of inventory relocation. ING forecasts a global copper deficit of approximately 35,000 tonnes in 2026, citing mine-supply losses in Indonesia, Chile, the Democratic Republic of Congo, and Zambia, along with sustained demand from electrification and power-grid development.
A confirmed refined-copper tariff could maintain the US price premium and keep metal concentrated in domestic warehouses. Rejection of the proposal could slow imports and eventually release some stockpiled copper back into international markets.
The record therefore reflects both trade-policy distortion and tighter underlying supply. The United States has accumulated a large stockpile, but buyers elsewhere are competing for a shrinking pool of readily available metal.
Sources
- Mining.com — Copper price sets fresh US record as tariff-driven hoarding meets shrinking supply
- Reuters — Copper’s tariff dislocation risks becoming structural split
- ING — What’s next for US copper import tariffs
- CME Group — Copper Futures
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Sources include the Mining.com report dated August 5, 2026; the Reuters copper-market analysis dated July 30, 2026; ING’s US copper tariff outlook dated June 12, 2026; and publicly available CME Group copper futures information.
This article discusses copper prices, tariffs, inventories, and global supply rather than the financial position of a specific issuer. Inventory and import figures are historical estimates and may be revised. ING’s projected 2026 copper deficit is a third-party forecast and is not guaranteed.
Market prices are as of August 5, 2026. Inventory figures reflect the latest data cited by Reuters on July 30, 2026, while import figures cover 2025 and the first five months of 2026. US tariff policy remains unresolved and may change. Copper prices, inventories, and market expectations can change rapidly, and readers should verify current figures.
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