Stocks in COMEX-registered warehouses increased nearly fivefold to ~498 kilotonnes (Kt) by December 2025 from ~98 Kt in January 2025. This sharp build-up reflects the frontloading of refined copper imports into the US amid fears of potential tariff actions under review in June 2026, which, alongside mine supply disruptions, has supported the sharp price rally in recent months.

Exhibit: COMEX – LME copper arbitrage (in $/MT)

Source: LME, COMEX; ICRA Research