Copper Prices Near $15,000 as Tariff Uncertainty Fueled Rally

Copper prices surged on Tuesday, nearing an unprecedented $15,000 per metric ton as investors continue to grapple with uncertainty over US import tariffs. The London Metal Exchange saw its benchmark copper price reach an all-time high of $14,779 per metric ton, marking a fourth consecutive day of gains.

The proposed 15% tariff on refined copper imports starting in 2027 and rising to 30% in 2028 has created uncertainty, driving large volumes of copper into US-approved warehouses. This has reduced inventories on the LME and in China, leading to an open arbitrage window that supports strong US imports.

'Will it get to $15,000 this week on Trump's tariff confusion? Sure, that's possible,' said Tom Price, analyst at Panmure Liberum. The current stock levels are less than half of the record highs reached by COMEX stocks, which stand at 695,624 tons.