Yet, in a paradoxical twist, the United States already possesses one of the world’s largest copper stockpiles, second only to China’s. Consultancy Benchmark Minerals Intelligence estimates that between 731,000 and 831,000 metric tons of copper are now “economically trapped” within the United States. The U.S. as the Copper Market of First ResortThe most visible sign of this trade pattern is the rapid accumulation of copper in CME-registered warehouses, which serve only domestic delivery points. Rising Costs Reflect Tightening Supply DynamicsThe United States’ role as the preferred destination for surplus copper has had ripple effects throughout the global supply chain. This would reinforce the United States’ status as a magnet for global copper supplies.