Copper Prices Fall as Tariff Threat Sparks Global Surplus Concerns

Copper prices hit fresh records in New York and approached all-time highs in London before falling by 1% on Wednesday due to concerns over US import tariffs.

The threat of a 15% tariff on refined copper from January 2027, rising to 30% from 2028, has led to a surge in imports into American warehouses, potentially turning the expected global surplus into shortages elsewhere.

Comex inventories have risen for 46 consecutive days to a record 675,185 tons, with the United States importing 885,000 tons of refined copper during the first half of the year, up 3% from the same period a year earlier.