Copper market pricing and tariff expectations are driving a surge of cargo toward New Orleans, where warehouses are largely full and marine terminals face congestion.[17] Splash247 reported on 21 September that another 100,000 tonnes of copper from Africa and South America were expected during September and October.[17] Traders have been moving metal into the United States ahead of possible import duties.[17]
The bulker Nord Norfolk is crossing the Atlantic with about $500 million worth of African copper aboard, according to the report.[17] Kpler described it as the highest value single commodity cargo it had recorded.[17] Splash also cited record United States refined copper imports of 225,094 tonnes in July, as higher domestic prices drew cargoes toward the country.[17]
The congestion reaches beyond storage space.[13] In earlier Bloomberg reporting carried by gCaptain, Mercury Resources chief executive Anton Posner described delays transferring copper, other metals and steel from marine terminals to trucks and railcars.[13] His company was sending metal up the Mississippi by barge instead.[13]
Sources: [13] https://gcaptain.com/deluge-of-copper-arriving-in-us-leaves-new-orleans-with-logjam [17] https://splash247.com/copper-rush-clogs-new-orleans Cover photograph: Port of New Orleans, archive image credited by gCaptain to Gnovick, CC BY 3.0. The image does not show Nord Norfolk or establish current congestion.