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China’s copper stockpiles are projected to deplete within months due to a significant tightening shock in the market driven by fears of impending US tariffs, according to Mercuria’s executives. The US is now competing with China for copper supplies, causing a surge in imports as buyers stock up ahead of potential levies, which has led to record declines in China’s inventories and rising prices in the US. Analysts warn that retaliatory measures from China and a possible US export ban on copper scrap could exacerbate the supply squeeze in China, further intensifying competition for copper globally.
