Mercuria has delivered 12,000 tonnes of copper from the Democratic Republic of Congo to the US Project Vault stockpile for the first time. The trading house, part of the $12bn US-led Project Vault initiative, added the metal following rising copper prices near record highs of $15,000 per tonne driven by potential tariffs and extreme weather disrupting mining operations. Copper trader Kostas Bintas stated the addition supports efforts to build a domestic reserve of critical minerals.
BHP CEO Vandita Pant noted copper is an attractive commodity given current structural deficits. About $7bn of copper has already flowed into the US since mid-June, with Mercuria among major shippers. The metal will be stored in US Gulf and East Coast warehouses for on-demand access by industry users.
The project, launched by the US Export-Import Bank which committed $500mn to both Mercuria and Glencore, aims to bridge supply chains for private OEMs and fortify the nation's investment architecture.
Source: Financial Times Companies · Summarized by HeadlinesBriefing