U.S. Copper Inventory Climbs as Scrap Exports Surge

Published: Mar 4, 2026 11:26
U.S. refined copper stocks rose sharply while scrap exports climbed above 1 million tonnes, prompting market focus on forthcoming tariff policy risks and supply-chain volatility.

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM‘s internal database model. They are for reference only and do not constitute decision-making recommendations.

For any inquiries or to learn more information, please contact: lemonzhao@smm.cn
For more information on how to access our research reports, please contact:service.en@smm.cn
Related News
This Week, Copper Inventories in Major Domestic Regions Continued to Build Up [SMM Weekly Data]
2 mins ago
This Week, Copper Inventories in Major Domestic Regions Continued to Build Up [SMM Weekly Data]
Read More
This Week, Copper Inventories in Major Domestic Regions Continued to Build Up [SMM Weekly Data]
This Week, Copper Inventories in Major Domestic Regions Continued to Build Up [SMM Weekly Data]
2 mins ago
Demand Recovery Boosted Trading in the Shandong Copper Market
19 mins ago
Demand Recovery Boosted Trading in the Shandong Copper Market
Read More
Demand Recovery Boosted Trading in the Shandong Copper Market
Demand Recovery Boosted Trading in the Shandong Copper Market
This week, the spot market in Shandong recovered. As of Thursday, the average spot premiums were reported at a discount of 280 yuan/mt. Early in the week, copper prices declined; coupled with an accelerated pace of work and production resumptions at downstream copper processing enterprises after the Lantern Festival, orders and procurement demand rebounded in tandem, market trading sentiment recovered markedly, and premiums strengthened accordingly.
19 mins ago
Shanghai Copper Discount to Narrow as Supply Remains Ample and Demand Steadies
1 hour ago
Shanghai Copper Discount to Narrow as Supply Remains Ample and Demand Steadies
Read More
Shanghai Copper Discount to Narrow as Supply Remains Ample and Demand Steadies
Shanghai Copper Discount to Narrow as Supply Remains Ample and Demand Steadies
Tomorrow, the spot discount for Shanghai copper is expected to steadily narrow. The C1-C2 spread continues to tighten, further weakening holders' willingness to deliver to warehouses. Supply remains ample due to consistent arrivals of domestic and price-locked imported copper, alongside high social inventories. On the demand side, ongoing operational resumption and lower futures prices have boosted dip-buying interest, supporting the discount. Overall, spot trading activity is expected to remain stable.
1 hour ago