Record US copper imports in 2025 far in excess of consumption

US imports of refined copper grew 81% in 2025, compared to 2024, to a record high of 1,634kt. Driven by tariff fears, these imports were far in excess of US demand for the metal.

Tariff threats driving up price

Threats that a tariff could be placed on copper cathode in 2025 drastically increased the CME copper price and incentivised front-loading of copper into the US. This led to a large surplus of material heading to the US and a tightening of the global copper market.

This flow of material also caused significant price inflation on the LME, and massive increases of copper premiums across the globe, despite relatively loose market conditions. The bulk of US imports came from Chile, at 876kt, followed by the DRC (187kt), Canada (185kt), and Peru (87kt).

Consumption far below imports

Many Chilean brands are CME deliverable and, whilst DRC material is not CME deliverable, it was likely either being sold directly to customers or stored in warehouses off-exchange.

US copper demand was significantly below the volume that was imported, resulting in an uptick in copper stored both in and outside exchanges. Benchmark estimates that US copper import were more than 700kt in excess of its demands across 2025. This means US warehouses absorbed more copper last year than most nations consumed.