U.S. Copper Stockpiling Hurts China, Says Ecclestone

Christopher Ecclestone of Hallgarten + Company noted that Washington’s policies are pulling copper into U.S. warehouses at China’s expense. After LME Week he observed that copper dominated talks, with charts revealing U.S. inventory surpluses against China’s negative holdings. Traders are battling to meet the demand, including Mercuria’s delivery of 12,000 tonnes of Congolese copper to the U.S. critical minerals reserve. Ecclestone sees copper as a bigger geopolitical chokepoint than rare earths. He backed tungsten futures, faulted some Argentine miners for bypassing local suppliers despite tax breaks, and welcomed Arizona’s copper revival, though major firms stay cautious amid political risks.