US copper imports hit 12-year high in July as LME stocks fall to 204,975 tonnes

US refined copper imports topped 200,000 tonnes in July 2026, the largest monthly volume in at least 12 years, according to reporting on August 17. The buying pulled metal out of London warehouses, which fell for 42 straight sessions to 204,975 tonnes. Analysts link the flows to positioning ahead of a proposed 15% refined-copper tariff from January 2027.

• US refined copper imports above 200,000 tonnes in July 2026
• Largest monthly volume in at least 12 years
• LME stocks down 42 straight sessions to 204,975 tonnes
• Societe Generale puts the odds of a 15% tariff from January 2027 at 14.6%