Deluge Of Copper Arriving In US Leaves New Orleans With Logjam

By Yvonne Yue Li, James Attwood and Julian Luk

Sep 18, 2026 (Bloomberg) –There’s nothing outwardly remarkable about the journey of the Nord Norfolk, a Liberian-flagged bulk carrier sailing across the Atlantic toward New Orleans.

But the boat is loaded with roughly half a billion dollars of African copper, the highest market value for a single commodity shipment ever recorded by analytics firm Kpler. It’s part of a rush of copper to US shores ahead of potential import tariffs, a deluge that’s key ports are struggling to absorb.

The Port of New Orleans — a key metals gateway and major hub for CME Group’s Comex copper warehouses — is already largely full, according to people familiar with the matter. And that’s before a total of around 100,000 metric tons more of African and South American copper they say is due to arrive in September and October.

“We are seeing serious congestion at marine terminals in the New Orleans area, causing delays for loading copper and other metals and steel to trucks and railcars,” said Anton Posner, chief executive officer of logistics-services provider Mercury Resources. His firm is sending metal up the Mississippi by barge instead.

Port of New Orleans didn’t respond to an emailed request for comment.

The $500 million boatload and the New Orleans logjam are part of a long drama playing out in the global copper market as traders brace for President Donald Trump to decide whether to expand copper import levies to refined metal. He hasn’t done so months after a decision was expected, and the metal is still pouring in for now.

The strength of US copper imports has been the key force behind a record-breaking rally in copper prices, with the global benchmark set on the London Metal Exchange climbing about 50% since Trump first formally proposed tariffs on the metal in February last year. US futures have rallied even more sharply, creating huge arbitrage profits for the traders and producers that have been shipping copper to the US in record volumes.

Read More: Copper-Laden Ships Race to Reach US Ahead of Trump’s 50% Tariffs

But in recent weeks the gap between US and international prices has narrowed as doubts grow about whether Trump will ultimately push ahead with tariffs. In turn, the question of whether US imports will slow has become a crucial one in all corners of the copper industry — from investors weighing whether copper’s record rally can be sustained, to Chinese manufacturers who’ve seen costs to secure their own imports surge as copper has gravitated toward the US.

One measure puts the arbitrage gap now at $169 a ton, versus $789 at this year’s height, and it has fluctuated a lot since Trump’s return to office. The narrower premium weakens the incentive to keep shipping to the US, and some future shipments could be redirected instead to Asia. But changing course en route can be complicated and expensive.

“I wouldn’t call the arbitrage dead just yet,” said Marcos Carias, North America economist at global trade-credit insurer Coface. 

Warehousing companies are seeking approval for additional capacity from Comex as US storage requirements balloon. Since the start of 2025, the exchange said it has added 20 warehouses and nearly 725,000 short tons of copper capacity. That’s equivalent to about 39% of annual US refined-copper consumption. Sites were added in Mobile, Chicago and Atlanta this year.

Shipper BBC Chartering also added Mobile — on the Alabama coast — as another stop for South American copper, according to a person with knowledge of the matter.

“The potential for tariffs alone has essentially had the effect they want from tariffs; that is, bringing lots of supply into the country and increasing domestic premiums to support domestic projects,” said Ryan McKay, senior commodity strategist at TD Securities. The White House will likely continue to delay a decision to keep this the case, he said.

© 2026 Bloomberg L.P.

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