Copper on Brink of $15,000 as Trump's Tariff Confusion Fuels Rally

Copper prices may breach $15,000 this week as investors await US economic data and tariff clarity. The London Metal Exchange's benchmark copper has already hit an all-time peak of $14,779 per metric ton, climbing for a fourth consecutive session.

Panmure Liberum analyst Tom Price believes that reaching $15,000 is possible due to speculative capital behind the trading idea. However, Morgan Stanley remains cautious into 2027, predicting softer US import demand if tariffs are implemented or ruled out.

The prospect of tariffs has led to a significant increase in copper imports into COMEX-approved warehouses in the US, draining inventories on the LME and in top metals consumer China. Meanwhile, data this week will likely determine whether copper's price gain lasts, with key events including US Treasury bond buyback details and Consumer Price Index data for August.