Copper Hits Record High Above $14,500 Amid US Tariff Fears

Copper prices have reached an all-time high on the London Metal Exchange, surpassing $14,527.50 set in January, as traders scramble to move supplies into the United States due to fears of wider US tariffs on refined metal.

The benchmark three-month copper futures rose 0.8% to $14,533 a metric tonne, with the metal up about 17% this year and 47% over the past 12 months.

The surge in copper prices is driven more by tariff-related flows than a sudden increase in end-user demand, according to data.

Global inventories remain relatively high, but copper stocks have become concentrated in the United States, leaving less metal available through the LME network, which has led to spot copper trading at a premium to three-month futures.