US Copper Imports Hit 12-Year High as LME Stocks Plunge for 42 Sessions

Key Facts

Reflecting a surge in preemptive stockpiling within American markets, U.S. refined copper imports reached a 12-year record in July, exceeding 200,000 tonnes. This massive influx is primarily driven by speculative bets that the U.S. government may soon impose new taxes on refined copper imports, leading importers to aggressively front-run potential policy changes. Consequently, total domestic copper stockpiles in the United States have now pushed past the 1 million tonne mark.

Globally, market data reveals a sharp divergence in supply levels as London Metal Exchange (LME) warehouse stocks have fallen for 42 consecutive sessions, reaching 204,975 tonnes. This represents the longest losing streak for LME inventories since 2014, fueling concerns over global supply tightness outside of the U.S. market. According to reports, the widening premium for cash copper over three-month contracts underscores a squeeze in the physical market as buyers scramble for prompt delivery.

Looking ahead, traders are closely monitoring for any official announcements from the U.S. Commerce Department regarding tariff recommendations, which could dictate price direction on the Comex. While updated instrument price data is unavailable for this session, market participants are shifting focus to macroeconomic catalysts, specifically the U.S. Consumer Price Index (CPI) release scheduled for August 12, 2026, for further cues on industrial demand and inflationary pressures.