Copper Prices Soar 50% on LME Amid Global Supply Constraints

Copper prices have surged to historic highs on the London Metal Exchange (LME), reaching USD 14,737 per tonne in September 2026. This represents a significant increase of 50% from the previous year.

The Indian Primary Copper Producers Association (IPCPA) attributes this price rally to several factors, including expectations of U.S. tariffs and tightened mine supplies. Additionally, global inventory shifts have also contributed to the increased demand for copper.

The IPCPA notes that substantial copper shipments are being targeted towards the United States in order to benefit from price premiums against Comex and LME. This has put a strain on global copper availability, with Comex stocks reaching 675,000 tonnes while LME inventories dwindle.