#Al Copper Stockpiles Hit Historic Buildup
The Catalyst: Anticipation surrounding President Donald Trump’s proposed refined copper import levies (initially flagged via an ordered study) sparked massive defensive buying by metal traders.
The Surpluses: The tariff threats successfully incentivized traders to build a US copper stockpile of more than 1 million metric tons without using public funds.
Current Status: Comex-approved warehouses hold roughly 70% of the world's visible copper stocks, pushing U.S. inventory (both on and off-exchange) to 1.6 million tons. However, the historic market arbitrage spread between Comex and London Metal Exchange (LME) pricing has narrowed sharply from over $3,000/ton to about $310/ton, indicating the massive import flow is beginning to ease.
The Catalyst: Anticipation surrounding President Donald Trump’s proposed refined copper import levies (initially flagged via an ordered study) sparked massive defensive buying by metal traders.
The Surpluses: The tariff threats successfully incentivized traders to build a US copper stockpile of more than 1 million metric tons without using public funds.
Current Status: Comex-approved warehouses hold roughly 70% of the world's visible copper stocks, pushing U.S. inventory (both on and off-exchange) to 1.6 million tons. However, the historic market arbitrage spread between Comex and London Metal Exchange (LME) pricing has narrowed sharply from over $3,000/ton to about $310/ton, indicating the massive import flow is beginning to ease.