Copper Prices Reach Record High on Shortages and Shifting Trade Flows
Copper prices have reached record levels due to severe concentrate shortages, mining disruptions, and shifting global trade flows. The London Metal Exchange (LME) three-month copper futures recently crossed $14,600 per tonne, reflecting the tight raw material availability.
The LME three-month copper prices have surged nearly 49% year-on-year, rising from around $9,910 per tonne on September 9, 2025, to $14,728 per tonne on September 8, 2026. Prices also gained about 4.4% over the past month, before hitting a fresh all-time high of $14,779 per tonne on September 9.
The rally comes at a time when demand from electrification, renewable energy projects, power infrastructure, electric vehicles, and artificial intelligence-linked investments continues to expand. Strong consumption from these sectors has coincided with constrained mine supply, creating a tighter global market balance.
Concentrate shortages have intensified supply pressure, with benchmark treatment and refining charges (TC/RCs) for 2026 settling at $0 per tonne, the lowest level on record. Mining disruptions in key producing regions, including Chile, Peru, and parts of Africa, have further tightened concentrate availability.