In July the US proposed copper tariffs, applying 50% duties to semi-processed
copper while refined copper was temporarily exempt but slated for phased tariffs
beginning in 2027. The US Commerce Department must deliver its Section 232
report by June 30, when a final decision could be made. As the deadline
approaches, AI compute-related metals markets face renewed volatility. Goldman
Sachs and other banks warn a new tariff could trigger large-scale US buyer
stockpiling. COMEX copper inventories have topped 650,000 tonnes, a record high.
Supply tightness for small metals closely tied to AI compute — tungsten, tin,
tantalum and indium — could worsen if measures are implemented.
