Copper Price Surges to All-Time High as Tariff Deadline Looms

The copper price has reached an all-time high, with the Comex September contract touching $6.7045 per pound on Tuesday. The metal trades near $6.72 on Wednesday, up roughly 17% in 2026 and more than 50% in the past 12 months.

A long-overdue US tariff ruling and a deepening supply squeeze outside America are fueling the advance. More than 200,000 tonnes of copper arrived at US ports in July, according to Bloomberg calculations based on customs data, marking the largest monthly inflow since records began in 2014.

Traders keep shipping metal into the US because President Trump's decision on refined copper import tariffs remains pending. Commerce Secretary Howard Lutnick's June 30 deadline passed more than a month ago. The proposal on the table starts at 15% in January 2027 and rises to 30% a year later.

Michael Cuoco, head of metals at StoneX Financial, warned that the flows reflect policy rather than consumption: 'The tariff arbitrage is ruling the roost over demand growth.'