KEY POINTS
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US copper imports fell 3.1% in September.
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Nine-month imports rose 17% year on year.
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COMEX copper stocks hit a record 731,428 tons.
US copper imports declined by 3.1% in September compared with August but remained almost twice as high as the volume recorded a year earlier, as traders continued shipping large quantities of the metal to the country amid uncertainty over possible import tariffs.
Official data released on Wednesday showed that the United States imported 194,284 metric tons of refined copper and copper alloys in September, down from 200,519 tons in August.
Despite the monthly decline, September imports were significantly higher than the 102,279 tons recorded in September 2025.
The September figure followed a record monthly import volume of 225,094 tons in July, reflecting sustained shipments into the US market.
Total copper imports reached 1.52 million tons in the first nine months of 2026, representing a 17% increase from the same period last year.
The US imported a record 1.64 million tons of copper in 2025, with traders continuing to move supplies into the country amid concerns that proposed tariffs could make future imports more expensive.
Proposed Tariffs Drive Market Uncertainty
The Trump administration has proposed a 15% tariff on refined copper imports from 2027, although it has yet to confirm whether the measure will be implemented.
The uncertainty has encouraged traders to move copper into the US ahead of any potential restrictions.
Market participants are now seeking clarity on the proposed tariffs following the conclusion of the US midterm elections.
US Copper Inventories Reach Record Levels
The sustained inflow of copper has pushed inventories on the COMEX exchange to a record 731,428 tons.
Copper stocks held in US warehouses registered with the London Metal Exchange have also climbed to their highest level in more than a decade.
Chile, the Democratic Republic of Congo and South Korea were the three largest suppliers of copper to the US in September.
