European commodities desk
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ING Think · Netherlands · US copper-tariff clock runs out June 30 as importers front-load and a global deficit looms
European analysis of the looming decision, detailing the recommended phased refined-copper tariff (15% in 2027, 30% in 2028) and how the prospect drove US-bound shipments to double as traders front-loaded ahead of June 30, tightening supply for everyone else.
“Copper shipments bound for the US doubled ahead of the June decision; front-loading eases US shortage risk but leaves non-US buyers more exposed.”