US Copper Stockpiles Swell Amid Tariff Uncertainty

In just 18 months, the United States has aggressively bolstered its reserves, positioning itself as a primary holding ground for the metal essential to green technology and industrial expansion. This buildup contrasts sharply with the rapid depletion of exchange stockpiles in London and Shanghai, creating a localized supply surge that masks broader structural anxieties.

Imports of refined copper soared by 80% to 1.64 million metric tons in 2025, fueled by traders chasing premiums that have turned U.S. warehouses into the world’s primary metal magnet. This concentration of supply within CME facilities has effectively distorted global trade patterns, raising fears that these regional market fractures could harden into permanent divisions if trade policy remains unresolved.