Copper Prices Ease as Profit-Taking Hits Mid-August Peak

Copper prices have pulled back from their mid-August peak of over $14,300 per metric tonne, settling near $14,000 by August 21, 2026. This downward movement is largely seen as a temporary adjustment driven by profit-taking, where traders sell to secure gains after a sustained rally.

The metal's recent climb was fueled by extreme supply tightness, but that pressure has eased slightly with a modest increase in London Metal Exchange (LME) warehouse deliveries. While this has provided some relief to the market, total stockpiles remain at historically low levels, keeping the supply situation constrained.

Despite the short-term price dip, structural demand remains strong due to massive global investment in AI data centers and the growth of renewable energy projects. U.S. tariff policies are also causing supply chain shifts, as companies stockpile copper in anticipation of potential import duties, which helps maintain a floor under current prices.