US imports more Congo copper as consumer acceptance grows
XLB•China imports from Congo have eased
As large amounts have flowed to the United States, China's imports of copper from Congo fell by 4.3% in the first seven months of 2026, although Congo's market share over that time has increased by five percentage points to 44.7%.
In July alone, China's imports from Congo were at 95,778 tons for a market share of 39.4%, the lowest since October last year, although Congo remained easily the top supplier.
Congo copper is not deliverable on COMEX
The increase is even more noteworthy given that no copper brands from the Congo are deliverable on the U.S. COMEX exchange. Only two African copper brands - both from Zambia - are on the COMEX list. More than one-third of COMEX-approved brands are from Chile and Peru.
Albert Mackenzie, copper analyst at Benchmark Mineral Intelligence, said this suggested the Congo metal could be going straight to the U.S. physical market. "And if it is, it will be a lot cheaper than the COMEX-deliverable brands," he said.
