Why the US Has Amassed a Giant Copper Stockpile

Published: Feb 11, 2026 13:47

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The US has quietly built its largest copper stockpile in decades, distorting global flows and tightening available supply. COMEX-approved inventories have soared to roughly 534,000 metric tonnes. Including off-exchange holdings, total stocks may be ~1 million tonnes, roughly equal to the annual output of the world’s largest copper mine. Higher US inventories have helped boost prices and tighten global supply.

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