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2026-09-19 00:32:16
[Large Shipments of Copper Arrive in the US, Causing Severe Congestion at New Orleans Port] The Liberian-flagged bulk carrier "Nord Norfolk" is crossing the Atlantic to New Orleans, carrying approximately $500 million worth of African copper. This is the highest-value single shipment of commodities ever recorded by data analytics firm Kpler. According to sources, the Port of New Orleans is a crucial global metals transshipment hub and a core hub for COMEX copper warehouses on the Chicago Mercantile Exchange. Currently, the port's storage capacity is nearing saturation. It is understood that approximately 100,000 tons of copper from Africa and South America will arrive at the port in September and October. Strong US copper import demand is a key driver behind record-high copper prices. Since Trump first formally proposed tariffs on copper last February, the global benchmark copper price on the London Metal Exchange has risen by about 50%. However, in recent weeks, market doubts have increased regarding whether Trump will actually implement the tariff policy, leading to a narrowing of the price difference between US and international copper prices. Relevant indicators show that the current arbitrage spread is $169 per ton, while the peak this year reached $789 per ton. With a significant increase in US warehousing demand, warehousing companies are applying to COMEX for additional storage capacity. The exchange stated that since the beginning of 2025, 20 new warehouses have been added, increasing copper storage capacity by nearly 725,000 short tons, a figure roughly equivalent to 39% of the annual US refined copper consumption.
