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| Refined Copper |
The United States imported a record 225,094 metric tons of refined copper and copper alloys in July. Traders rushed massive metal volumes into the country ahead of potential new import tariffs. Consequently, July imports surged 78% from the previous month and set an all-time monthly high since 1990 records began.
Market Uncertainty Fuels COMEX Inventory Surge
Uncertainty surrounding pending U.S. trade policies continues to drive unprecedented inventory accumulation. COMEX copper inventories have climbed for 53 consecutive days to reach an all-time high of 693,630 metric tons. Therefore, market participants remain on high alert as they await official updates from the Department of Commerce regarding prospective tariffs.
Global Supply Origins and Year-to-Date Trends
Chile remains the primary supplier, accounting for 46% of total U.S. copper imports in July. Meanwhile, the Democratic Republic of Congo ranks second, supplying nearly a quarter of the total inbound volume. As a result, total U.S. copper imports for the first seven months of 2026 rose 4.2% year-on-year, reflecting sustained precautionary buying.
ScrapInsight Commentary
The record surge in U.S. refined copper imports highlights aggressive inventory front-running driven by looming tariff threats. This speculative wave has drastically inflated COMEX stockpiles, decoupling domestic exchange inventories from broader global fundamentals. Markets must brace for sharp volatility once the U.S. government clarifies its final trade policy stance.
