Trafigura plans to withdraw LME copper stocks ahead of US tariff ruling
Geneva-based commodity trader Trafigura plans to withdraw about 60,000 tons of copper from the London Metal Exchange ahead of an expected Trump administration tariff ruling, sources told Reuters. The move could inject volatility into global copper prices in coming weeks.
Geneva-based commodity trader Trafigura plans to withdraw about 60,000 tons of copper from the London Metal Exchange ahead of the Trump administration's expected tariff ruling, according to four market sources cited by Reuters. The move comes as the US Department of Commerce is due to publish its Section 232 investigation decision by 12 June, which could impose tariffs of 25 to 50 percent.
Sources say Trafigura plans to ship the withdrawn stock directly to US customers via New Orleans and Tampa, locking in pre-tariff supply to clients such as Cleveland-Cliffs and Wieland. The LME cash copper premium has risen to $145 per ton, while the three-month forward contract has eased to $9,940 a ton.
Goldman Sachs metals analyst Daan Struyven said the withdrawal would represent about 38 percent of LME copper stocks and could lift prices by 4 to 6 percent over the next six weeks. A Trafigura spokesperson Renske Lub declined to comment, while European Commission spokesperson Anna Cavazzini said the EU may launch a parallel review of copper market dynamics. The Cangzhou import premium in China has risen to $92 per ton, and the Shanghai Futures Exchange spot copper contract trades around 78,640 yuan per ton.
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