The Port of New Orleans area is facing congestion as large volumes of imported copper arrive in the United States ahead of a potential decision on tariffs for refined metal.
The pressure on terminals comes as the Liberian-flagged bulk carrier Nord Norfolk heads across the Atlantic carrying African copper valued at about $500 million. According to Kpler, the cargo represents the highest market value recorded for a single commodity shipment by the analytics firm.
Context: Ports & Congestion Intelligence File · Port congestion, freight rates and charges
The vessel is part of a broader inflow of copper into US ports as traders and producers seek to benefit from the price premium available in the US market while uncertainty remains over possible import levies. People familiar with the situation said New Orleans, an important metals gateway and a major location for CME Group’s Comex copper warehouses, was already largely full.
Operational context
Around 100,000 metric tons of additional copper from Africa and South America is expected to arrive during September and October, adding to pressure on regional marine terminals and onward transport networks.
Anton Posner, chief executive of logistics-services provider Mercury Resources, said terminal congestion in the New Orleans area was delaying the transfer of copper, other metals and steel to trucks and railcars. His company has instead been moving metal up the Mississippi River by barge. The Port of New Orleans did not respond to a request for comment.
The surge has been driven by expectations that President Donald Trump could extend copper import tariffs to refined metal. A decision had been anticipated earlier, but has not yet been made. The prospect of tariffs has helped draw copper supplies toward the US and contributed to a sharp rise in copper prices.
The London Metal Exchange benchmark has risen about 50% since Trump formally proposed copper tariffs in February last year, according to the report. US futures increased more sharply, creating arbitrage opportunities for companies shipping copper to the country.
However, the difference between US and international copper prices has narrowed as market participants question whether new tariffs will proceed. One measure of the arbitrage gap stood at $169 per ton, compared with $789 per ton at its peak this year. The smaller premium reduces the incentive for further imports, although some cargoes already underway may be difficult and costly to redirect.
Storage operators are seeking additional capacity as inventories grow. Since the start of 2025, Comex has added 20 warehouses and almost 725,000 short tons of copper capacity, including new locations in Mobile, Chicago and Atlanta. BBC Chartering has also added Mobile, Alabama, as a call for South American copper shipments, according to a person familiar with the matter.