AI TRENDS | U.S. Copper Tariff Decision Nears as COMEX Inventories Hit Record High

The U.S. government is nearing a decision on whether to implement a new copper tariff plan, with a key deadline set for late June. According to Jin10, the U.S. government released a copper tariff proposal in July last year that imposed a 50% tariff on certain copper semi-finished products, while refined copper was temporarily exempt. The plan said tariffs on refined copper would be added in stages starting in 2027. The proposal’s final outcome is expected to be determined by the end of June. The U.S. Department of Commerce is required to submit its Section 232 tariff investigation report by June 30, and a final decision is to be made based on that report. As the June 30 timing approaches, the global market for metals tied to AI computing capacity is expected to see renewed volatility. Goldman Sachs and other international investment banks said that if the United States implements a new round of copper tariffs, U.S. buyers may begin large-scale stockpiling. COMEX copper inventories in the United States have exceeded 650,000 metric tons, reaching a record high. In international markets, supplies of smaller metals closely linked to the AI computing supply chain—including tungsten, tin, tantalum, and indium—are expected to remain tight, with supply constraints potentially worsening.