The US Commerce Department faces a June 30, 2026, deadline to recommend Section 232 national security tariffs on refined copper imports. The proposal introduces a phased 15% tariff starting in 2027. This rate increases to 30% in 2028.
US copper inventories have exceeded 1 million tonnes across COMEX, LME, and off-warrant port locations. This strategic accumulation responds directly to anticipated tariff risks.
Massive stockpiling is currently tightening copper supplies in markets outside the United States. Traders expect significant price volatility for copper futures (HG=F) and ETFs (CPER) ahead of the final verdict.