Copper Blasts Through Record as Tariffs Fuel Price Surge

Copper prices have shattered records in New York, touching a historic high before pulling back slightly. The front-month Comex contract rose as much as 1.8% to $6.7270 per pound, surpassing the previous record of $6.7140 set on August 12.

The September futures settled up 1.6% at $6.7125, commanding a premium of nearly 4%, or roughly $550 a tonne, over the London benchmark.

LME three-month contract added 0.4% to close at $14,251 a tonne, after finishing Monday at $14,201, its highest ever closing price.

The relentless pull of US import tariffs continues to drain metal from the rest of the world into American warehouses, with LME on-warrant inventories surging 74.5% in a single week.

Traders are positioning for another round of tariff uncertainty, with duties on refined copper of 15% set for January 2027 and 30% from 2028 still on the table in Washington.