Source: U.S. Geological Survey
Why this market is moving now
- A 50% tariff on semi-finished copper took effect on 1 August 2025 and is restated for most copper articles from 6 April 2026.
- Import reliance rose to 57% in 2025 as refined imports roughly doubled on USGS figures.
- Prices set a record in 2025, which raises the stakes for buyers and miners.
Key figures
Each figure names the source it came from. Open the source list below to read the quoted line.
| Figure | Value | Year | Source |
|---|---|---|---|
| US mine production of recoverable copper was an estimated 1.0 million metric tons in 2025, down 5% from 2024. | 1.0 million metric tons | 2025 | U.S. Geological Survey |
| US copper mine output in 2025 was valued at an estimated $11 billion, 10% above 2024. | 11 billion USD | 2025 | U.S. Geological Survey |
| Arizona produced about 70% of US copper in 2025. | 70 % | 2025 | U.S. Geological Survey |
| Net import reliance was an estimated 57% of US apparent copper consumption in 2025, up from 45% in 2024. | 57 % | 2025 | U.S. Geological Survey |
| The USGS estimates US imports of refined copper at 1.7 million metric tons in 2025, up from 903 thousand in 2024. | 1,700 thousand metric tons | 2025 | U.S. Geological Survey |
| The COMEX copper price was projected to average a record $4.80 per pound in 2025, 14% above 2024. | 4.80 USD per pound | 2025 | U.S. Geological Survey |
| Refined copper stocks held by US producers, consumers and metal exchanges were an estimated 450 thousand metric tons at end-2025, against 123 thousand a year earlier. | 450 thousand metric tons | 2025 | U.S. Geological Survey |
| Chile supplied 68% of US refined copper imports over 2021-24, followed by Canada at 16% and Peru at 7%. | 68 % | 2024 | U.S. Geological Survey |
| Benchmark Mineral Intelligence reports US refined copper imports grew 81% in 2025 to a record 1,634 thousand metric tons. | 1,634 thousand metric tons | 2025 | Benchmark Mineral Intelligence |
| A 50% Section 232 tariff on semi-finished copper products and copper derivative products took effect on 1 August 2025. | 50 % | 2025 | The White House |
| A proclamation of 2 April 2026, effective 6 April 2026, sets a 50% rate for most copper articles, with lower rates for some products. | 50 % | 2026 | The White House |
| Freeport-McMoRan reported consolidated copper production of about 830 million pounds in the third quarter of 2026, with US operations running below planned rates. | 830 million pounds | 2026 | Freeport-McMoRan |
| Rio Tinto's refined copper production at its Kennecott operation in Utah was 31% lower in 2025. | 31 % decline | 2025 | Rio Tinto |
Sources and method
The figures on this page come from the public sources listed below. Read how we work.
- U.S. Geological Survey: Mineral Commodity Summaries 2026: Copper (2026-02)
Quoted lines
- Figure 1
the recoverable copper content of U.S. mine production was an estimated 1.0 million tons, a decrease of 5% from that in 2024
- Figure 2
was valued at an estimated $11 billion, 10% greater than $10.0 billion in 2024.
- Figure 3
Arizona was the leading copper-producing State and accounted for approximately 70% of domestic output
- Figure 4
Net import reliance as a percentage of apparent consumption 44 41 42 45 57
- Figure 5
Refined 919 732 771 903 1,700
- Figure 6
The COMEX copper price was projected to average a record high of $4.80 per pound in 2025, 14% greater than $4.22 per pound in 2024.
- Figure 7
Stocks, refined, held by U.S. producers, consumers, and metal exchanges, yearend 117 84 128 123 450
- Figure 8
Refined copper: Chile, 68%; Canada, 16%; Peru, 7%; Mexico, 6%; and other, 3%.
- Figure 1
- Benchmark Mineral Intelligence: Record US copper imports in 2025 far in excess of consumption (2026-02-27)
Quoted lines
- Figure 9
US imports of refined copper grew 81% in 2025, compared to 2024, to a record high of 1,634kt.
- Figure 9
- The White House: Adjusting Imports of Copper into the United States (2025-07-30)
Quoted lines
- Figure 10
semi-finished copper products and intensive copper derivative products, as set forth in the Annex to this proclamation, shall be subject to a 50 percent tariff.
- Figure 10
- The White House: Strengthening Actions Taken to Adjust Imports of Aluminum, Steel, and Copper Into the United States (2026-04-02)
Quoted lines
- Figure 11
most copper articles, and certain derivative articles of aluminum and steel, as listed in Annex I-A to this proclamation, shall be: (a) 50 percent
- Figure 11
- Freeport-McMoRan: Freeport Provides Third-Quarter 2026 Operational Update (2026-10-02)
Quoted lines
- Figure 12
Third-quarter 2026 consolidated copper production of approximately 830 million pounds was in line with expectations
- Figure 12
- Rio Tinto: 2025 full year results (2026-02-19)
Quoted lines
- Figure 13
refined copper production at Kennecott was 31% lower in 2025, due to the planned smelter shutdown
- Figure 13
Companies to watch
Freeport-McMoRan
Reported consolidated copper production of about 830 million pounds in Q3 2026, with US operations below plan.
Rio Tinto (Kennecott)
Utah refined copper output fell 31% in 2025 after a planned smelter shutdown.
What the full report covers
- 01Executive summary
The answer in one page: size, direction and what moves it - 02Market definition and scope
What is in and out of the United States market - 03Market size, 2021 to 2025
Historical series and growth rates - 04Outlook to 2031
Base, low and high scenarios with stated assumptions - 05Rules, policy and deadlines
Regulation and programmes that change demand - 06Drivers and barriers
What accelerates or slows adoption, by customer segment - 07Prices, costs and margins
Unit economics where public data allows - 08Competitive landscape
8 to 12 company profiles with recent moves - 09Opportunities and risks
For new entrants, suppliers and investors - 10Method and sources
Every assumption and source, listed
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Frequently asked questions
How much copper does the US produce?
The USGS estimates US mines produced 1.0 million metric tons of copper in 2025, down 5% from 2024 and worth about $11 billion. Arizona gave about 70%.
How much copper does the US import?
The USGS estimates refined copper imports at 1.7 million metric tons in 2025. Benchmark Mineral Intelligence counts a record 1,634 thousand tons. Both say imports rose sharply.
What is the US tariff on copper?
A 50% Section 232 tariff on semi-finished copper products took effect on 1 August 2025. An April 2026 proclamation sets 50% for most copper articles.
Where does US refined copper come from?
Chile supplied 68% of US refined copper imports over 2021-24, according to the USGS. Canada gave 16% and Peru 7%.
How reliant is the US on copper imports?
The USGS puts net import reliance at an estimated 57% of apparent consumption in 2025, up from 45% in 2024.
What was the copper price in 2025?
The USGS says the COMEX price was projected to average a record $4.80 per pound in 2025, 14% above 2024.
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