Live Updates > Live Update Details
2026-05-22 22:00:48
[Trader Plans Large-Scale Copper Withdrawal from LME New Orleans Warehouse, Rushing to Position Before US Tariff Decision] ⑴ Two industry sources say that commodity trader Trader plans to withdraw a large amount of copper from its London Metal Exchange (LME) warehouse in New Orleans, possibly due to the upcoming US decision on copper import tariffs before the end of June. Traders have already shipped large quantities of copper to the US in advance, as holding copper within the US allows buyers to lock in supply at pre-tariff prices. ⑵ Last year, the US imposed a 50% tariff on copper pipes and wires after completing its review. LME data shows that over 30,000 tons of copper had their earmarks cancelled in New Orleans warehouses on Thursday, bringing the total number of earmarks at that location to 45,675 tons. Two unnamed sources said that Trader was responsible for the earmarking, but the company declined to comment. ⑶ On Thursday, total LME copper earmarks exceeded 50,000 tons, with the remaining approximately 22,000 tons mainly located in LME warehouses. Overall, LME copper earmarks account for nearly 30% of the total inventory of 391,900 tons. (4) Total copper inventories in Comex-approved warehouses stand at 574,864 tonnes, an increase of over 550% since the US initiated a Section 232 investigation last February. Industry sources say traders have been withdrawing copper from warehouses such as the LME and shipping it to the US since last February.
