2 hrs ago
Copper Hits Record High as Tariff Fears Tighten Supplies
Copper is a metal used in power lines, computers and clean-energy equipment.
Its price reached a new record in London.
Traders are moving copper into the United States because they think the country may place tariffs on imported refined copper.
This has left less copper in other markets.
Copper supplies are also under pressure because some mines are aging or having operational problems.
At the same time, demand from data centers, power grids and renewable energy projects is growing.
China may buy more copper as its manufacturing season becomes busier.
These factors pushed copper prices higher, although the United States has not announced a final tariff decision.
London Metal Exchange copper reached a reported record between $14,533 and $14,617 per metric ton, depending on the trading update.
Prices rose as traders shifted refined copper into the United States ahead of possible tariffs, reducing availability elsewhere.
Copper has gained about 17% this year and roughly 47% over the past 12 months.
Longer-term support comes from constrained mine supply and demand from data centers, renewable energy projects and power grids.
Mine output fell nearly 1% in the first half of 2026, while Shanghai and London warehouse inventories showed signs of tighter supply.
- Who
- Copper traders, miners, industrial users and policymakers in the United States and China are involved.
- What
- Copper prices reached record highs as tariff expectations and concerns about tight near-term supply boosted buying.
- Where
- Prices were reported on the London Metal Exchange, with related trading on India’s Multi Commodity Exchange and in Chinese warehouse markets.
- When
- During the reported trading sessions; copper rose for a fourth consecutive day in one update.
- Why
- Traders moved refined copper into the United States ahead of possible tariffs, while mine constraints and rising industrial demand added longer-term support.
Bullish Supply Concerns
Demand and Policy Uncertainty
Main driver of the rally
Bullish Supply Concerns
Tight mine supply, operational problems and reduced London Metal Exchange inventories are supporting higher prices.
Demand and Policy Uncertainty
The latest surge has been driven mainly by tariff-related trading flows rather than a sudden increase in end-user demand.
Future price outlook
Bullish Supply Concerns
A trading manager cited in the report said copper could readily reach $15,000, pointing to strong orders from China’s State Grid Corporation.
Demand and Policy Uncertainty
The United States has not made a final decision on refined-copper tariffs, and global inventories remain relatively high overall.
Key facts
- London Metal Exchange high
- Copper was reported at peaks of $14,533 and $14,617 per metric ton in the two updates.
- Annual performance
- Copper was up about 17% in 2026.
- 12-month performance
- Copper had gained about 47% over the previous 12 months.
- United States tariff status
- The US Commerce Department was expected to advise on refined-copper tariffs, but no final decision had been disclosed after the June 30 deadline.
- Mine production
- Global mined copper output fell nearly 1% in the first half of 2026, while concentrate production declined 2.6%.
- India price
- September copper futures on the Multi Commodity Exchange reached Rs 1,403.50, up as much as 1.21%.
- Indian company shares
- Hindustan Copper shares rose more than 5% to an intraday high of Rs 537.35 on the Bombay Stock Exchange.
Quotes
Jia Zheng
Trading manager at Suzhou Chuangyuan Harmony-Win Capital Management Co.
“It should be easy for copper to reach $15,000”
livemint.com
Sources
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