Copper Hits Record $14,533 on US Tariff Fears

Copper hit an all-time high of $14,533 per ton on the London Metal Exchange (LME), driven by concerns over potential US tariffs on refined copper imports.

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Prices have risen about 17% over the past year as mine supply remains tight while demand grows from data centers, renewable energy projects and power-grid expansion.

Tariff expectations have accelerated copper shipments to the US. The country imported roughly 885,000 tons of refined copper in the first half of 2026, more than twice the volume recorded in the same period of 2024. July imports reached a record 225,000 tons.

The shift has tightened supply outside the US. COMEX inventories have climbed to about 696,000 tons, while Shanghai Futures Exchange stocks have fallen to roughly 63,000 tons, down 85% since mid-March.

The US is considering a 15% tariff on refined copper from January 2027, potentially rising to 30% in 2028. Continued shipments into the US could further reduce availability in other markets and support LME prices.

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Marina Lubimova E-mail

Marina Lyubimova is a content writer and acting editor with 8+ years of experience, specializing in clear and reliable coverage of finance, markets, and technology.