14 hrs ago
Copper Hits Record High as Supply Fears Meet Demand
Copper prices reached their highest level ever on the London Metal Exchange.
The price reached $14,533 for a tonne of copper.
Traders moved more copper into the United States because they expected possible tariffs on imported refined copper.
This pushed United States warehouse stocks to a record level.
At the same time, copper supplies outside the United States became tighter.
Older mines are having difficulty producing enough new copper, and some major producers have faced operating problems.
New data centres, power networks, renewable energy projects and electric vehicles all need copper.
These supply concerns and growing demand helped push prices above earlier forecasts.
Three-month copper futures on the London Metal Exchange reached $14,533 per tonne on Monday, September 7.
Copper has risen 17% over the past year, exceeding earlier Goldman Sachs and Deutsche Bank forecasts.
Expected United States tariffs on refined copper prompted traders to move supplies into the country.
United States COMEX warehouse stocks reached a record 675,000 tonnes after 885,000 tonnes were imported in the first half of 2026.
Artificial intelligence infrastructure, electrification, renewable energy, battery storage and electric vehicles are increasing copper demand while mine supply struggles to keep pace.
- Who
- Copper traders, miners, industrial users and companies including Rio Tinto, BHP, Glencore and Zijin Mining are involved in the market.
- What
- Copper prices reached an all-time high, with three-month London Metal Exchange futures touching $14,533 per tonne.
- Where
- The record was set on the London Metal Exchange, while large copper stockpiles accumulated in United States COMEX warehouses.
- When
- Monday, September 7; the article also cites copper imports during the first half of 2026 and forecasts for 2026.
- Why
- Expected United States tariffs encouraged stockpiling, while mine-supply difficulties and rising demand from artificial intelligence infrastructure, electrification, renewable energy, battery storage and electric vehicles supported the rally.
Key facts
- Record price
- $14,533 per tonne for benchmark three-month copper futures
- Annual increase
- Copper prices were up 17% over the past year
- United States imports
- About 885,000 tonnes of copper were imported during the first half of 2026
- COMEX inventories
- United States COMEX warehouse stocks reached 675,000 tonnes
- Chile shipments
- Copper shipments fell to their lowest level in more than a year in August
- Goldman Sachs forecast
- $11,200 per tonne for the fourth quarter of 2026
- Deutsche Bank forecast
- An average of $12,125 per tonne for 2026
Sources
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