Copper Prices Hit Record High Amid Global Mining-Smelting Imbalance

Copper prices on the London Metal Exchange have touched a record high of $14,737 a tonne in September 2026, up nearly 50% from last year. The Indian Primary Copper Producers Association (IPCPA) attributes this surge to a growing mismatch between global copper mining and smelting capacity.

Hundreds of thousands of tonnes of copper have been shipped to the United States since January to take advantage of the price premium between the Comex and LME markets. The US Commerce Department's report on potential copper import tariffs is nearly two months overdue, but the market continues to price in the possibility of trade restrictions.

The prospect of tariffs has triggered a major redistribution of copper inventories. Comex stocks have surged to a record 675,000 tonnes, while inventories in LME warehouses have fallen to critically low levels, tightening metal availability in other markets. The IPCPA warns that this imbalance is creating a structural constraint in the copper market.