Why is the United States accumulating a colossal
copper stockpile, the largest in 30 years?
While the world remains focused on oil or
gold, an underground wave is unfolding in the metals
market: the United States is quietly stockpiling copper on a scale not seen for decades, with wide-ranging implications for prices and global supply chains.
Over the past year, the flow of the red metal—often described as the lifeblood of industrial economies—has surged into US warehouses.
According to American news outlets, the United States has quietly built the largest copper stockpile in decades, to such an extent that global flows have been distorted and helped push prices higher.
How large is the US copper stockpile?
The main trigger stems from the trade policy of President Donald Trump since his return to the White House at the start of 2025. Fears that the US would impose import tariffs on refined copper—the form of copper most widely traded—have pushed US copper prices above the global benchmark set at the London Metal Exchange (LME).
[Image]
The bright copper wires running through the rolling mill at a plant in New Mexico are a small link in the underground wave driving copper back to the United States.
The price differential between New York and London quickly became a juicy lure. Large commodity trading firms such as Mercuria Energy Group, Trafigura Group, and Hartree Partners have stepped up copper shipments to the US to exploit the price gap.
This wave paused only when the US government did not levy a direct tariff on refined copper in July 2025, but instead shifted to a 50% levy on semi-finished products such as wires and tubes.
However, as the tariff threat continued to be invoked, copper flows back into the US. According to the US Geological Survey, the US imported up to 1.7 million tonnes of copper in 2025, nearly double the prior year.
There is no absolute official figure, but market data show stockpiles in the US rising sharply.
Copper stored in CME Group warehouses, the storage system used to support futures trading on the Comex, has risen steadily since early 2025.
As of early February 2026, this figure stood at about 534,000 tonnes, the highest since 1989 and more than five times the level a year earlier.
If copper held outside the exchange warehouses is included, total copper in the United States could be around 1 million tonnes, according to estimates by BMO Capital Markets.
Notably, this figure is equivalent to the annual output of the world’s largest copper mine Escondida in Chile.
"Copper frenzy" and the cost-benefit equation
The influx of copper into the United States has left the rest of the world relatively short, especially as copper mines from South America to Southeast Asia face disruptions.
The result is a sharp rise in copper prices. At times in late January 2026, copper prices on the London Metal Exchange surpassed $14,500 per tonne, a historic high.
Analysts at Goldman Sachs warn that copper prices have moved well above fundamentals, while BNP Paribas argues that prices above $11,000 per tonne are largely speculative.
Tariff fears are causing global copper flows to shift: refined copper imports into the US in 2025 jumped, doubling the four-year average. Source: USGS.
On the other hand, copper-using industries face heavy pressure. In China, the world’s largest copper user, many factories have had to scale back production as they cannot fully pass higher raw material costs to customers.
Rising copper prices benefit producers and speculators, but place a heavier burden on industries.
From construction, electrical equipment manufacturing to electric vehicles and tech infrastructure, input costs have risen. This affects corporate profits and can push up product prices.
A big question arises: is this a deliberate US strategy to control supply of a strategic metal?
There is no official confirmation from the US government yet. However, plans to build a $12 billion mineral reserve named “Project Vault” show the country is increasingly focusing on resource security.
Copper is among the core minerals vulnerable to supply disruptions, and stockpiling of copper, whether intentional or a market consequence, is having a tangible impact.
According to experts, the amount of copper stockpiled in the United States may not ease soon. On the contrary, it could continue to grow as firms hedge against price and supply risks.
Nevertheless, if this copper stock unexpectedly returns to the global market, prices could come under substantial downward pressure, triggering a new cycle of volatility.
Historically, the US once stockpiled enough copper for 10 months during the Cold War. Today, the stockpile stands at about 1 million tonnes, roughly seven months of demand. While not enormous, the figure remains enough to trigger "earthquakes" in the market.
Tử Huy
VietNamNet
