US tariffs on refined copper threaten to redirect global metal flows, draining stocks to American warehouses and effectively eliminating a projected global surplus of 639,000 tons. LME copper prices climbed to $14,343 per metric ton on August 25, approaching the all-time record of $14,527.50. COMEX copper inventories have hit a record 675,185 metric tons after 46 consecutive days of gains, driven by stockpiling ahead of potential tariffs. US refined copper imports reached approximately 885,000 tons in the first half of 2026, up 3% year-on-year. The proposed tariffs would impose a 15% levy on refined copper imports starting January 1, 2027, escalating to 30% by 2028.
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