Goldman Sachs Sees Copper Imports Increasing Ahead Of Tariffs As FCX Positions To Benefit (UPDATED)

Editor’s Note: The headline has been updated for clarity.

Goldman Sachs forecasts a surge in U.S. copper imports soon, driven by expectations of tariffs from President Donald Trump's administration.

Per Reuters' report, the investment bank expects a 25% duty on copper imports by year's end, incentivizing stockpiling to frontrun the legislative. As a result, U.S. net copper imports could surge by 50-100%, adding between 200,000 to 300,000 metric tons to domestic inventories by Q3.

If this projection materializes, U.S. copper stockpiles could swell from 95,000 tons to as much as 400,000 tons or around half of global reported inventories, leaving the international market at historically low inventory levels.

For 2025, Goldman sees a 180,000-ton global copper deficit as growing demand for electrification, economic stimulus measures in China, and slow mine growth materialize. The bank sees the supply imbalance more pronounced in the second half of the year ...