Expectations of US import tariffs have triggered a redistribution of global copper supplies. Since the beginning of 2026, the United States has imported 1.3 million tonnes of copper. As a result, US warehouses now hold 85% of global exchange-monitored copper inventories. Meanwhile, stocks on the Shanghai Futures Exchange have fallen to a three-year low of 33,800 tonnes. A shortage of readily available copper in China has pushed import premiums to a record $230 per tonne.
The situation has been further complicated by US investment funds reducing their exposure to copper following a sell-off in technology stocks. At the same time, the price differential between US and London copper markets has narrowed from $700 per tonne in August to $80 per tonne. This creates conditions for redirecting copper shipments to Asian markets, where demand remains strong.
Indian garment manufacturers are redirecting exports to the United Kingdom, the European Union and the United Arab Emirates following an increase in US import tariffs. Between April and August 2026, India's exports of textiles, apparel and home textile products to the United States declined by 9.8% to $4 billion, while exports to other markets increased by 3.7% to $15.2 billion. The US share of India's textile exports fell from 28.3% in 2022 to 25.4% in August 2026.
Manufacturers are restructuring their export markets. Orient Craft reduced the US market's share of its sales from 84% to 10%, redirecting shipments to Europe. Gokaldas Exports plans to reduce the US share of its revenue from 50% to 35%. A trade agreement with the United Kingdom provides Indian apparel with duty-free access to the British market, while a potential agreement with the EU could eliminate import tariffs of 12–17%. India's domestic textile and apparel market, valued at $150 billion and growing by 7–8% annually, provides additional support to the industry.
According to forecasts by the US Energy Information Administration (EIA), electricity consumption in the United States is expected to increase from a record 4,216 billion kWh in 2025 to 4,306 billion kWh in 2026 and 4,370 billion kWh in 2027. This represents a 3.7% increase over two years. The main drivers of growth are the expansion of AI data centres and increased electricity use for heating and transportation. Electricity consumption in the residential and commercial sectors is expected to reach record highs in 2026.
The electricity generation mix is also projected to change. The share of renewable energy sources will rise from 24% in 2025 to 28% in 2027, while coal's share will decline from 17% to 15% and natural gas from 40% to 39%. Nuclear power is expected to maintain its 18% share. Meanwhile, natural gas demand from power plants is projected to reach 37.4 billion cubic feet per day in 2026, exceeding the previous record set in 2024.
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