U.S. importers brought in over 200,000 tonnes of copper in July, marking the largest monthly volume in 12 years, pushing the country's copper stockpile past 1 million tonnes.
LME warehouse stocks have fallen for 42 consecutive sessions to a five-year low, driving the widest backwardation since the 2021 squeeze.
Washington has yet to rule on refined copper tariffs, with Societe Generale estimating the odds of the proposed 15% tariff landing on schedule at just 14.6%.
This situation has pushed copper prices near $14,500 a tonne.
