LME copper stocks in US climb to 12-year high
Copper inventories in London Metal Exchange warehouses in the US have swelled to their highest in 12-1/2 years as metal continues to accumulate in the country ahead of possible import tariffs from the start of next year. Stocks in US LME warehouses — mostly in New Orleans and Baltimore — now stand at 169,475 metric tons, the most since April 2014. They account for around 62% of all copper…
Copper inventories in US LME warehouses have surged to a 12-1/2 year high as metal accumulates ahead of potential import tariffs from next year. Stocks in warehouses, primarily in New Orleans and Baltimore, now total 169,475 metric tons, the highest since April 2014. The copper stocks represent about 62% of all copper inventory on the exchange, the highest percentage since March 2019.
On Wednesday, 24,225 tons of copper deliveries reached New Orleans warehouses, while 2,450 tons were added to Baltimore LME facilities on Thursday. These bonded facilities allow copper to be stored without paying customs duty. Copper brands eligible for storage can be transferred to COMEX exchange warehouses if customs duty is paid.
The US Department of Commerce has proposed a 15% import tariff on refined copper imports starting 2027, with the rate rising to 30% in 2028. However, Washington has not yet decided if the tariffs will be implemented. Meanwhile, COMEX copper stocks have risen for 23 consecutive days to a record 794,450 short tons, or 720,712 metric tons.
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