US 232-tariff decision on precision copper and rare metals (report due June 30) will determine new duties; COMEX copper inventory at record 650,000 tons; tungsten, tin, tantalum, and indium supply already constrained.

**U.S. Copper Tariff Decision Countdown**

Last July, the U.S. government announced a tariff plan on copper. Previously, only copper semi-finished products were subject to a 50% tariff, while refined copper remained exempted. The plan calls for a gradual phase-in of tariffs on refined copper beginning in 2027. The finalization of this plan is set for the end of June. The U.S. Commerce Department must submit its "Section 232 tariff" investigation report by June 30 and make a final decision accordingly.

As the June 30 deadline approaches, global markets for AI computing-related metals face a new wave of volatility. According to analysis by Goldman Sachs and other international investment banks, should the U.S. implement a new round of copper tariff policies, American purchasers may launch large-scale stockpiling. Current COMEX copper inventory in the U.S. has already exceeded 650,000 tons, marking a historical high. Meanwhile, in international markets, specialized metals deeply linked to the AI computing supply chain—tungsten, tin, tantalum, and indium—may face further supply tightening.

**Energy Storage Battery Chips: Chronic Shortage**

The energy storage industry's production lines are running at full capacity, with delivery schedules under intense pressure. Some enterprises are willing to pay substantial advance deposits just to secure a single battery chip. As the new energy sector booms, battery chips—the smallest storage unit in energy storage battery systems—are experiencing sustained high demand.

The National Development and Reform Commission and National Energy Administration recently issued the "New Energy System Construction 15th Five-Year Plan," specifying that by 2030, new-type energy storage capacity will reach 300 million kilowatts. Recent surveys reveal that many downstream companies are actively raising prices and paying large advance deposits to lock in production capacity, all to obtain energy storage battery chips. The energy storage boom is driving rapid increases in both volume and prices throughout the supply chain. Lithium iron phosphate prices have surged recently, with high-end production capacity severely constrained.