Mercuria delivers first copper into U.S. Project Vault reserve

Traders Union
All News
Commodities
Mercuria delivers copper to Project Vault

Highlights

Mercuria delivered 12,000 tonnes of copper to the U.S. Project Vault reserve, supporting Washington's push for a strategic domestic metals stockpile.
Copper prices remain near record highs, with the London benchmark down 0.6% to $14,491 a tonne amid supply concerns and potential new U.S. tariffs.
Since end-June, about $7 billion worth of copper entered the U.S. in anticipation of tariffs, with Mercuria and Glencore receiving $500 million each from the U.S. Export-Import Bank for Vault sourcing.

First copper shipment under strategic stockpile plan

As reported by Financial Times, Mercuria said it has placed 12,000 tonnes of copper into the U.S. reserve as part of Project Vault, a programme led by Washington to expand domestic access to critical minerals. Kostas Bintas, Mercuria’s copper trader, disclosed the delivery at the FT’s Metals and Mining conference on Thursday.

Mercuria is one of the anchor partners for the initiative, which is designed to create a strategic U.S. metals reserve for civilian industries facing supply shortages. Bintas said policy measures are starting to affect both the market and trade flows for critical minerals.

The copper delivered for the stockpile is being stored in warehouses on the U.S. Gulf and East Coast, according to people familiar with the matter, and is available to users as needed. Audrey Robertson, U.S. assistant secretary of energy, said separately at the conference that Project Vault would help bridge supply chains for private original equipment manufacturers and strengthen the country’s investment framework.

Copper market tightness and industry implications

The delivery comes as copper prices remain near record levels, with the market approaching $15,000 a tonne in recent weeks on expectations of possible additional U.S. tariffs and weather-related disruptions to mining operations. The London benchmark is down 0.6% at about $14,491 a tonne in late afternoon trading on Thursday.

Copper demand remains supported by its role in data centre wiring, power infrastructure and car manufacturing. At the same conference, BHP finance chief Vandita Pant said the market faces a structural deficit, underscoring why the metal has become increasingly important for miners and traders.

About $7 billion worth of copper has flowed into the U.S. since the end of June in anticipation of potential tariffs, according to estimates from Kpler, with Mercuria among the major shippers. Mercuria and Glencore said in September that the U.S. Export-Import Bank committed $500 million to each company to help source metals for Vault, using a structure similar to a bank trade-finance facility.

In our earlier coverage of the WTO’s warning on trade disruptions, we explained how wars and rising geopolitical risks are forcing companies to redesign supply chains and shipping routes, even at higher cost. The WTO noted these shifts could persist beyond current conflicts, with tariffs and repeated shocks reinforcing a move toward more resilient, regionalized trade patterns.

This material may contain third-party opinions, none of the data and information on this webpage constitutes investment advice according to our Disclaimer. While we adhere to strict Editorial Integrity, this post may contain references to products from our partners.