The Liberian bulk carrier “Nord Norfolk” is crossing the Atlantic to New Orleans. The ship is carrying about 500 million US dollars worth of copper produced in Africa. It is the most valuable cargo in a single batch of commodity cargo in the market since data analysis agency Kpler recorded it. People familiar with the matter said that the Port of New Orleans is an important transit port for metals and the core hub of COMEX copper warehouses under CME. Currently, the port's storage capacity is basically saturated. According to reports, about 100,000 tons of copper produced in Africa and South America will arrive in Hong Kong one after another in September and October. Strong demand for US copper imports is the core driving force behind the record rise in copper prices. Since Trump first officially proposed tariffs on copper in February last year, the London Metal Exchange's global benchmark copper price has risen by about 50%. However, in recent weeks, the market has increasingly doubted whether Trump will eventually implement tariffs, and the US international copper price gap has narrowed. One indicator shows that the current arbitrage spread is $169 per ton, and peaked at $789 per ton during the year. As demand for storage surges in the US, warehousing companies are applying to COMEX for additional storage capacity. According to the exchange, since the beginning of 2025, 20 new warehouses have been added, and the copper storage capacity has increased by nearly 725,000 short tons, which is about 39% of the annual consumption of refined copper in the US.

The Liberian bulk carrier “Nord Norfolk” is crossing the Atlantic to New Orleans. The ship is carrying about 500 million US dollars worth of copper produced in Africa. It is the most valuable cargo in a single batch of commodity cargo in the market since data analysis agency Kpler recorded it. People familiar with the matter said that the Port of New Orleans is an important transit port for metals and the core hub of COMEX copper warehouses under CME. Currently, the port's storage capacity is basically saturated. According to reports, about 100,000 tons of copper produced in Africa and South America will arrive in Hong Kong one after another in September and October. Strong demand for US copper imports is the core driving force behind the record rise in copper prices. Since Trump first officially proposed tariffs on copper in February last year, the London Metal Exchange's global benchmark copper price has risen by about 50%. However, in recent weeks, the market has increasingly doubted whether Trump will eventually implement tariffs, and the US international copper price gap has narrowed. One indicator shows that the current arbitrage spread is $169 per ton, and peaked at $789 per ton during the year. As demand for storage surges in the US, warehousing companies are applying to COMEX for additional storage capacity. According to the exchange, since the beginning of 2025, 20 new warehouses have been added, and the copper storage capacity has increased by nearly 725,000 short tons, which is about 39% of the annual consumption of refined copper in the US.