Why are copper traders rushing to ship metal to the US again, and what key price signal triggered this renewed activity?

Copper traders are rushing to ship metal to the US again due to a renewed widening of the price spread between front-month Comex contracts and cash prices on the London Metal Exchange (LME), with Comex rising to more than $500 a ton above LME cash prices for the first time since last autumn — a spread that makes US shipments profitable again after a recent lull. This price divergence is driven by both renewed investor enthusiasm for copper and speculation that the Trump administration may impose import tariffs on refined copper, especially ahead of the Commerce Secretary’s June 30 deadline to deliver an update on the US copper market that could pave the way for duties starting January 2027.

What evidence does the article provide that the 'copper tariff trade' is actively reviving, and how are major players like Trafigura responding?

The article states that US copper imports — which had slowed recently — are now rebounding as traders ship 'every spare ton to the US', with executives predicting imports could return to historically elevated rates of 150,000 to 200,000 tons per month; Henry Van of Trafigura Group described the situation as 'déjà vu', echoing last year’s dynamics. Additionally, Trafigura last week moved to withdraw 'hundreds of millions of dollars of copper from LME warehouses' — the largest such withdrawal the LME has seen since 2013 — which, according to people familiar with the matter, was at least partly aimed at capturing the premium Comex prices.

Copper’s Giant Tariff Trade Is Back and Squeezing Global Market

May 27, 2026

Speculation over US import tariffs is driving copper traders to ship metal to the US, squeezing global markets and lifting Comex prices. Potential 2027 duties could further deplete inventories amidst shipping disruptions.

bloomberg

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Aurubis CEO Expects US Copper Demand to Reduce Comex Stockpile

2026-05-27

Copper’s Giant Tariff Trade Is Back and Squeezing Global Market

Copper’s Giant Tariff Trade Is Back and Squeezing Global Market

FAQ