Almost 70% of Exchange-Held Copper Now Sits in the US
The United States consumes roughly 6% of global copper, yet now holds nearly 70% of the copper stored across major global futures exchanges: the London Metal Exchange, COMEX, and the Shanghai Futures Exchange. Ole Hansen, Saxo Bank’s Head of Commodity Strategy, argues that this unusual concentration is largely driven by expectations of America imposing tariffs on imported refined copper. Traders have been moving copper into the U.S. ahead of a possible tariff because metal already inside the country could become more valuable if duties are introduced. This comes after the U.S. Commerce Department proposed gradually increasing tariffs, although the final decision remains pending. At the same time, strong Chinese demand, particularly from the country’s expanding energy-transition industries, is keeping pressure on…
