The prospect of future U.S. tariffs on refined copper is reshaping the global market. Traders are shipping vast quantities of copper to COMEX warehouses in the United States to get ahead of potential duties. The tariffs could reach 15% in 2027 and 30% in 2028. U.S. copper inventories have surged to record levels.
The stockpiling has reduced the copper available elsewhere, drawing down inventories at key international exchanges, including the London Metal Exchange (LME). Analysts had expected a global surplus in 2026, but the shift in supply has turned that outlook into a functional deficit. Prices have climbed to near all-time highs as buyers outside the United States compete for limited supply.