LME three-month copper rose above $14,000/t for the first time since June 3 as
traders monitor rising US copper stocks and a potential US tariff decision by
President Trump. IHS Markit shipping data show more than 200,000 tonnes of
copper arrived at US ports in July—the largest monthly inflow since records
began in 2014—adding to US warehouse and port stockpiles and tightening
available supply for buyers elsewhere. A planned US refined-copper tariff
remains uncertain; the Commerce Department was due to issue recommendations by
June 30 but has not published a decision. US domestic copper prices trade above
LME levels, leaving cross-market arbitrage opportunities.
