The 50% U.S. import tariff on semi-finished copper products, effective since July 2025, has already reshaped market dynamics. While U.S. buyers rushed to stockpile copper earlier this summer, the broader effects are now becoming clear.

Higher Mining Profits:

Major copper producer Antofagasta reported a 60% rise in first-half profits, reflecting higher global demand and tight supply conditions.

Source: Reuters

Volatile Inventory Levels:

LME inventories dropped by 50 tons on August 15, but overall stocks are up nearly 29% over the past month, signaling ongoing supply adjustments across global markets.

Source: AInvest

Takeaway:

The U.S. tariff has created both challenges and opportunities. While global miners are enjoying stronger margins, inventories remain volatile, and traders must closely monitor supply-demand shifts as we head into the final quarter of 2025.