Copper prices reached a record $14,533 per metric ton on the London Metal Exchange as traders rushed to move supplies into the United States ahead of possible import tariffs.
The rally is being driven more by regional supply disruption than a global shortage. US copper inventories have climbed to record levels, while available stocks in London have fallen sharply, according to ROIC.ai.
The US had been considering a 15% tariff on refined copper from 2027, potentially rising to 30% in 2028. However, Reuters later reported that the White House had not reached a final decision because of concerns about higher manufacturing costs. Copper prices dropped more than 4% following that report.
Long-term demand remains supported by power grids, electric vehicles, renewable energy and AI data centres.
Copper’s record rally reflects tariff uncertainty as much as physical demand. Any clear decision from Washington could trigger another sharp move in either direction.
Disclosure: This article is for informational purposes only and does not constitute investment advice.
