The planned 50% U.S. tariff on copper imports is already reshaping global trade flows. In the months leading up to the tariff, U.S. importers stockpiled significant volumes of copper, tightening supply in other key markets.

While COMEX copper prices have seen upward pressure, LME prices remain relatively stable, suggesting that the broader global supply-demand balance has not yet been disrupted. However, analysts warn that the real effects will become clearer in Q4 2025, when post-tariff supply adjustments and possible retaliatory trade measures take place.

Key Takeaway:

Short-term price volatility is expected, but global supply chains may adapt faster than anticipated—especially with increased output from major producers.