[Trump tariff threat builds US copper stocks above 1 million tonnes as COMEX-LME spread narrows to 310 USD/tonne]

Published: Oct 16, 2026 10:08 (GMT+8)

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Trump's tariff threat has pushed US copper inventories above 1 million tonnes without public spending, concentrating about 70% of known world stocks in COMEX warehouses and lifting prices despite a global surplus. Shippers moved metal to the US after a February tariff study, driving COMEX copper to a record 6.83 USD/lb (15,057 USD/tonne) on September 22. The COMEX-LME spread peaked above 3,000 USD/tonne in July and is now near 310 USD/tonne, weakening arbitrage incentives. Commerce was due to report by June 30, letting Trump decide on a 15% refined copper import tariff from January 1, 2027, rising to 30% in 2028; no decision has come. Macquarie puts total US copper stocks near 1.6 million tonnes, with COMEX inventories up about 750% to over 714,000 tonnes.

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