U.S. July Copper Imports Reach Record Monthly High, Data Shows

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The United States imported a record 225,094 metric tons of refined copper and copper alloys in July, the highest monthly total in records dating back to 1990, according to official data released on Sept. 3.

The figure, reported by the U.S. Department of Commerce (DOC), represents a 78% increase from the previous month and an 8% rise year-on-year, according to data from Trade Data Monitor. The import surge occurred as traders continued to ship large volumes of the metal ahead of a tariff that may potentially be imposed, officials said. The record monthly figure underscores the ongoing market speculation regarding U.S. trade policy on the industrial metal. ^[1]

Record Imports Reported for July

The July total surpassed previous monthly records by a wide margin, according to the data. Refined copper and copper alloys combined for the record volume, with the DOC compiling figures that go back more than three decades.

The year-on-year comparison showed an 8% gain, while the month-over-month increase of 78% reflected a sharp acceleration in shipments during July. Trade observers noted that the acceleration aligned with continued uncertainty over potential import duties.^[2]

Tariff Uncertainty Drives Front-Loading

The import surge is linked to market anticipation of a possible U.S. import tariff on copper, according to trade observers. The DOC was due to update President Donald Trump on copper markets by June 30, but no announcement has been made since that date, leaving traders to ship metal ahead of potential duties.

Reports indicate that traders are once again scouring global markets for copper to ship to the U.S., as renewed speculation over import tariffs widens the price spread between New York's Commodities Exchange (COMEX) and the London Metal Exchange (LME). The revived trade is tightening global availability of the industrial metal, according to industry executives.

"There's a bit of déjà vu. We're in the same situation as last year, where all tons are being directed to the U.S.," said Henry Van, head of industrial metals research at a London-based brokerage.^[3]^[3]

COMEX Stockpiles at All-Time High

Inventories on the COMEX exchange have risen for 53 consecutive sessions to a record 764,597 short tons or 693,630 metric tons (MT), exchange data showed. The sustained build reflects market positioning for potential tariff changes, sources familiar with the matter said.

COMEX copper for September delivery reached $6.7270 per pound, or about $14,830 per MT, according to data from the exchange, topping the previous record set on Aug. 12. The contract traded at a premium of close to 4% above the London Metal Exchange price, or about $550 per MT, according to Mining.com. Copper strength has returned to the LME as futures top $14,000 per MT, with another leg higher possible as traders weigh tightening global supplies against robust metal inflows into the U.S.^[4]^[2]

Primary Source Countries in July

Chile accounted for 46% of July imports, while the Democratic Republic of Congo (DRC) supplied nearly one-quarter of the total volume, according to the data. Both nations are among the largest copper producers globally.

Chile, the world's biggest copper-mining nation, has long been a primary supplier to the U.S. market, according to trade statistics. The DRC's export volumes to the U.S. expanded markedly compared to prior months.

Kinshasa has emerged as a significant source of the metal, with its mining sector contributing to global supply of copper and other minerals. Historical analyses of sub-Saharan African nations note confirmed reserves of gold, nickel, copper and cobalt in the region.^[5]

Year-to-Date Imports and Prior Tariff Threat

U.S. copper imports for the first seven months of 2026 totaled 1.12 million tons, up 4.2% from the same period of 2025, statistics showed. The year-to-date figures reflect continued strong demand for imported copper even as domestic market conditions evolved.

In 2025, a similar tariff threat hung over the market before refined copper was given an exemption. No similar action has been confirmed for the current year, according to trade officials. The earlier tariff discussions in 2025 involved a proposed 50% tariff on copper imports, which caused significant price movement in futures markets before the exemption was granted.^[1]

Outlook and Market Reaction

Analysts noted that the record import level may continue if tariff decisions remain unresolved, though some expect policy clarity later in the year. The copper market has historically been viewed as an indicator of global economic activity, earning the nickname "Dr. Copper," according to market observers.^[6]

No official statements from the DOC or the White House have been issued regarding the status of the copper tariff review as of this report. The department was expected to deliver its tariff recommendation by June 30, but no decision has been announced, according to industry sources. Market participants continue to monitor the situation for any developments that could affect future import volumes and pricing.^[2]