KEY POINTS
- US copper imports hit record high.
- July imports jumped 78%.
- COMEX stocks reach record levels.
The United States imported a record 225,094 tonnes of refined copper and copper alloys in July, as traders continued to move large volumes of the metal into the country ahead of a possible US import tariff.
Data released by the US Department of Commerce showed that July imports were the highest monthly total recorded since 1990, according to Trade Data Monitor.
The figure was 78% higher than the previous month and 8% above the level recorded in July 2025, highlighting the scale of the rush to bring copper into the US market.
The surge in imports is closely linked to uncertainty over a proposed US tariff on copper imports.
The US Department of Commerce had been expected to provide President Donald Trump with an update on copper markets by June 30, but no announcement had been made at the time of the report.
The lack of clarity has encouraged traders to bring additional copper into the US before any potential tariff takes effect.
The strategy allows importers to build inventories ahead of a possible increase in the cost of bringing refined copper into the country.
The influx of imported copper has also contributed to a significant build-up of inventories on the US COMEX exchange.
Copper stocks on COMEX have increased for 53 consecutive days, reaching an all-time high of 764,597 short tons, equivalent to about 693,630 metric tonnes.
The sustained increase in inventories reflects the extent to which traders have been positioning copper inside the US ahead of a possible change in trade policy.
The stockpile also illustrates the impact that tariff expectations can have on physical commodity flows, with traders seeking to secure supplies before potential restrictions or additional costs are introduced.
Chile supplies nearly half of July imports
Chile, the world’s largest copper-mining country, was the biggest source of US copper imports in July.
The South American country accounted for 46% of total US imports during the month, underlining its importance to the American copper supply chain.
The Democratic Republic of Congo ranked second, supplying almost one-quarter of the copper imported by the US during July.
The heavy reliance on Chile and the DRC highlights the importance of international suppliers to meeting US demand for refined copper.
The July surge also pushed total US refined copper imports for the first seven months of 2026 to 1.12-million tonnes.
That represented a 4.2% increase from the same period in 2025.
The increase comes despite a similar tariff threat last year. Refined copper was ultimately exempted from the previous tariff measures, but uncertainty surrounding the possibility of new trade restrictions has once again influenced buying patterns.
The copper market is now closely watching for further guidance from the US government on potential import tariffs.
Any new tariff could significantly influence the flow of copper into the US, the level of domestic inventories and the pricing relationship between US and international markets.
The record July imports suggest that traders are taking the possibility of new tariffs seriously and are moving supplies into the country while uncertainty remains.
For copper producers, traders and industrial users, the eventual US policy decision could therefore have important implications for trade flows and market prices.
The unprecedented July import figure demonstrates how strongly expectations around trade policy are influencing the copper market.
With US inventories already at record levels and imports continuing to rise, the market is carrying unusually large volumes of copper as participants await clarity on the proposed tariff.
The coming months could determine whether the current stockpiling trend continues or reverses once the US government provides greater certainty on its copper trade policy.
