Copper Prices Soar as Tariff Uncertainty Keeps Metal in US Warehouses

The London Metal Exchange (LME) three-month copper price rose 0.6% to $14,745 per metric ton on September 22, its sixth straight gain and longest run in four months.

The uncertainty surrounding a proposed 15% refined copper tariff has kept 69% of exchange-monitored copper in US warehouses rather than shipping it to Asia.

Global mined copper output fell 1.1% in the first half of 2026 due to disruptions in Indonesia and the Democratic Republic of Congo, removing an estimated 600,000 metric tons from expected production.