Copper Prices Skyrocket to Record High Amid Supply Shortages and Strong Demand
Copper prices have reached an all-time high on the London Metal Exchange, reaching $14,533 per tonne in September 2026. This surge has been a significant rally, with copper prices increasing by 17% over the past year.
Several factors are contributing to this rise in copper prices. One reason is the fear of US tariffs on refined copper imports, which has led traders to stock up on copper in anticipation of higher prices in the US. In fact, a significant amount of copper was imported into the US during the first half of 2026, with around 885,000 tonnes entering the country.
Another factor is the surge in copper inventories held in Comex warehouses, which have reached a record high of 675,000 tonnes. This has resulted in a concentration of global inventories in the US, while stocks in the LME network have declined.
The supply-demand imbalance in the copper market is also contributing to the price increase. Ageing large-scale mines are struggling to meet rising consumption, and several major producers have faced operational challenges.