Copper Prices Hit New All-Time High Amid Strong US Demand and Chilean Supply Disruptions

Copper prices have surged to a new all-time high on the London Metal Exchange (LME), reaching above USD 14,530 per ton. The strong US demand for copper and anticipated import tariffs from the US Department of Commerce are driving this increase.

The LME's 3-month forward copper price has briefly surpassed its previous high set earlier this year. This is due to a combination of factors, including rising inventories on the COMEX and plans for copper import tariffs that have yet to materialize.

Chilean supply disruptions are also supporting the high price level. Weather-related operational problems at mines in Chile, coupled with port issues, have cut exports from the country. Chile accounts for about a quarter of global mine output, making these supply issues significant.