US buys over 200,000 tonnes of copper in a single month; inventories may hit 100-year high

The US is buying refined copper at a pace not seen in at least 12 years, with monthly imports exceeding 200,000 tonnes and copper inventories potentially hitting a 100-year high.

Key facts

The US is aggressively stockpiling refined copper at a scale not seen in at least 12 years, with monthly imports exceeding 200,000 tonnes, and copper inventories may hit a 100-year high. This is driven by market expectations of copper tariffs by the Trump administration. Earlier, the US imposed 50% tariffs on copper semi-finished products and derivatives, and plans to impose a 15% tariff on refined copper from January 2027, rising further to 30% in 2028.

Policy and trade

Traders are stockpiling in advance to avoid tariff risks, pushing up raw material costs for importing countries such as European and Asian buyers, and causing tight spot supply of refined copper in some regions. Analysts believe the copper-buying wave is not only for arbitrage, but also reflects copper's rising strategic importance in AI data centers, grid upgrades and the energy transition, underpinning strong demand prospects.