US copper futures advanced on May 14 as market participants moved metal into CME-registered warehouses. CME copper inventories reached a record high of 624,000 metric tons as of May 13. Traders are building these stockpiles to avoid potential duties ahead of a July 2026 decision on new US tariff policies.
COMEX copper settled slightly lower on May 14 after hitting an all-time high the previous day. Bullish sentiment persists due to a global supply crunch and rising demand from the AI and energy transition sectors. This domestic stockpiling strategy continues to draw supplies from other regions to support elevated US prices.