Nearly 70% of Exchange Copper in US, Some May Become Stranded: Saxo's Hansen

Ole Hansen of Saxo Bank notes that the US consumes just 6-7% of global copper yet holds nearly 70% of visible stocks on major exchanges. This buildup stems from tariff risks on refined imports, with proposed duties rising from 15% in 2027 to 30% in 2028, prompting traders to move metal onshore.