Trafigura plans copper withdrawal from LME warehouses ahead of US tariff decision
The global commodities market is closely watching copper flows as trading giant Trafigura reportedly plans to withdraw large volumes of copper from London Metal Exchange (LME) warehouses in the United States ahead of an expected tariff decision by Washington.
According to industry sources, the move is linked to growing uncertainty over potential import tariffs on copper, which could be announced following a review expected in late June by authorities in the United States.
The withdrawal would mainly affect stocks stored in LME-registered warehouses in New Orleans, a key hub for metal shipments. Traders have already been redirecting significant volumes of copper toward the U.S. market in anticipation of higher import costs.
Market participants say the strategy aims to secure copper at pre-tariff prices, as holding metal within U.S. storage systems can protect buyers from potential new duties if the material has not yet formally entered domestic circulation.
Data from the London Metal Exchange showed that more than 30,000 tons of copper were recently marked for delivery in New Orleans, bringing total cancelled stocks in the location to over 45,000 tons. This reflects strong repositioning of global inventories as traders respond to shifting trade policies.
Copper stored in U.S. LME warehouses is typically held in bonded or free trade zones, meaning it is not subject to import duties unless released into the domestic market. This regulatory structure has made the United States an increasingly attractive destination for metal stockpiling ahead of possible tariff changes.
Analysts note that copper flows have become highly sensitive to trade policy expectations, particularly since earlier tariff measures imposed on semi-finished copper products, including pipes and wiring, which were introduced following a regulatory review in recent years.
The growing accumulation of copper in U.S. storage systems has also boosted inventories on the COMEX exchange, which have reportedly increased significantly since the launch of a Section 232 investigation into critical metals supply chains.
Market observers expect volatility to remain elevated until a final decision on copper tariffs is announced, with traders adjusting positions to minimize risk and secure favorable pricing conditions.
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