Copper Prices Soar Amid US Tariff Uncertainty and Global Supply Constraints

Copper prices have been on a record-breaking run in 2026, driven by a surge in shipments to the US and tightening supplies elsewhere.

LME copper prices touched a record $14,737 a tonne in September 2026, up nearly 50% over the past year, as expectations of US tariffs, tighter mine supply, and sharp shifts in global inventories reshape the market.

Strong structural demand has also kept copper in focus, with the metal crucial to the global energy transition. Meeting this rising demand has become increasingly challenging due to accidents and disruptions at major mining regions in Africa, straining supplies and adding further support to prices.