U.S. copper buyers are now turning to metal from the Democratic Republic of Congo as a cheaper alternative to COMEX-deliverable brands, driving the African producer’s shipments to the United States to a record level and reshaping global trade flows for the industrial metal.
U.S. imports of Congolese copper cathodes reached a record 53,290 metric tons in July, according to U.S. trade data. The volume represented 23.9% of total U.S. copper imports, which surpassed 220,000 tons for the first time as traders accelerated shipments ahead of the possibility of a U.S. tariff on copper.
The July figures mark a sharp increase from 2024, when the United States imported less than 32,000 tons of copper from Congo for the entire year. The surge reflects both rising U.S. demand and Congo’s growing ability to supply international markets. Congo is the world’s second-largest copper producer, and increased output has given traders more metal to place in markets beyond its traditional customer base.
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The shift has gained attention because copper produced in Congo is not currently eligible for physical delivery against COMEX contracts. Only two African copper brands, both from Zambia, are listed as deliverable on the U.S. exchange, while more than one-third of approved COMEX brands originate from Chile and Peru.
That situation has created a significant pricing opportunity for U.S. industrial consumers.
Albert Mackenzie, a copper analyst at Benchmark Mineral Intelligence, said the import data suggested Congolese copper could be moving directly into the U.S. physical market rather than being used primarily to satisfy exchange-delivery requirements.
“And if it is, it will be a lot cheaper than the COMEX-deliverable brands,” Mackenzie said.
The economics became compelling during the summer as U.S. copper prices traded at a substantial premium to the London Metal Exchange benchmark.
Mackenzie said the premium for COMEX copper over the LME price reached $400 to $600 per ton at times over the summer. That created an incentive for end-users to purchase copper priced against the LME rather than pay the premium associated with COMEX-registered material.
“So buying non-CME registered material on an LME basis might actually have been cheaper for end-users,” he said.
Two industry sources involved in trading Congolese copper confirmed that the material is generally priced against the LME. One source said his copper is typically sold at a discount of $550 to $800 a ton, partly to compensate buyers for freight costs.
The discounts can make Congolese cathodes attractive to manufacturers that need physical copper for production rather than traders seeking exchange-deliverable inventory.
U.S. buyers include copper rod mills and tube manufacturers, according to one industry source.
The growing acceptance also reflects improvements in the quality of Congolese copper in recent years, the source said. Higher-quality material has made it easier for U.S. industrial consumers to incorporate Congo-origin cathodes into their supply chains.
The development demonstrates that COMEX registration is not necessarily a prerequisite for strong physical demand. Industrial users primarily need copper that meets their technical specifications and can be delivered reliably at a competitive price.
The rapid increase in shipments to the United States is also beginning to affect Congo’s trade relationship with China. The world’s second-largest economy remains by far the largest destination for Congolese copper, but its imports from Congo fell 4.3% during the first seven months of 2026 as increasing volumes were directed toward the United States and other markets.
Even with the decline, Congo’s share of China’s copper imports during the period increased by five percentage points to 44.7%, underscoring how important the African producer remains to China’s supply chain. In July, China imported 95,778 tons of copper from Congo, giving Congo a 39.4% share of Chinese imports. That was China’s lowest monthly share of Congolese copper since October last year, although Congo remained China’s largest supplier by a wide margin.
The figures point to an increasingly competitive market for Congolese copper. Rather than depending overwhelmingly on Chinese smelters and manufacturers, Congolese producers and traders now have an opportunity to redirect shipments toward markets where pricing is more attractive.
The timing of the U.S. import surge coincides with global tariff tension.
Traders rushed to move copper into the United States ahead of a potential tariff, creating an incentive to bring cargoes forward before any new trade restrictions could increase costs. That front-loading may partly explain the exceptional July import figure and could make U.S. imports more volatile in subsequent months if the tariff threat changes or inventories rise.
Nevertheless, the underlying price advantage of Congolese copper could persist even after the immediate rush fades.
The gap between COMEX and LME prices effectively created a two-tier market: exchange-deliverable copper commanded a significant premium, while non-COMEX material that could be delivered directly to industrial users was available at a discount.
For U.S. manufacturers, that creates a powerful incentive to broaden their supplier base.
Congo’s Growing Influence in Global Copper
Congo’s expanding role in the U.S. market comes as global copper demand is expected to remain structurally strong because of electrification, power-grid investment, renewable energy, and data-center construction.
Copper is essential for electrical wiring, transformers, motors, industrial equipment, and power infrastructure. The rapid expansion of AI data centers has added another source of demand because large computing facilities require substantial quantities of copper for power distribution and cooling systems.
The United States has traditionally relied heavily on copper from Latin America and other established suppliers. The emergence of Congo as a major source gives U.S. buyers another option at a time when concerns about supply security and trade restrictions are encouraging manufacturers to diversify.
But the shift offers Congo the possibility of capturing more value from rising global demand and reducing dependence on a single dominant customer. The country’s copper production growth is now changing not only the volume of metal available but also its bargaining position in international markets.
However, it is currently not clear if July’s record U.S. shipments represent a temporary response to tariff fears and the exceptional COMEX premium or the beginning of a more permanent reorientation of Congolese copper toward Western consumers. Analysts note that if the latter occurs, U.S. manufacturers could become a significantly larger outlet for Congo’s expanding production, while China may face greater competition for a resource that has become so important to the global energy and industrial transition.