London Metal Exchange (LME) copper futures hiked past US$14,400 last Friday (September 4), touching an intra-day high of US$14,419 and settling at US$14,415.5 to establish a record high, rising by 0.9% for the week as monitored inventories fell by 475 tons to 234,175 tons.

The surge was due to record US refined copper and alloy imports reaching 225,094 tons in July, the highest monthly volume since 1990 data collection began, as traders hurried to buy ahead of possible tariffs. This influx generated 53 consecutive days of inventory growth at the Commodity Exchange (COMEX), reaching 764,597 short tons.

Chile accounted for 46% of US inbound shipments in July, with the Democratic Republic of Congo supplying nearly 25%. US cumulative copper imports in the first seven months of this year hit 1.12 million tons, up by 4.2% year on year.