US copper imports hit record high in July ahead of tariffs

The record import surge signals front-running behavior in physical markets, where tariff expectations—not just demand—are reshaping trade flows. This matters for logistics and pricing benchmarks, as a concentrated influx can distort near-term supply-demand balances. The key question is whether July's peak represents a one-off pull-forward or the start of a sustained inventory build, which would test how much of the tariff risk is already priced into physical premiums.