Copper Prices Soar as Traders Hoard Metal Ahead of Tariff Threat

Copper prices are surging to record levels due to traders redirecting metal into the United States ahead of potential import tariffs, leaving buyers outside the U.S. exposed to sharper price swings.

The three-month copper on the London Metal Exchange has risen to $14,343 per metric ton, pushing available LME inventories down to 90,000 tons and premiums to 2021 highs.

Analysts say this move is distorting what would otherwise be a global surplus, with COMEX copper inventories reaching a record 675,185 metric tons after 46 straight days of increases.

The U.S. imports almost 885,000 tons of refined copper cathodes in the first half of 2026, about 3% more than a year earlier and more than double the level seen in the first six months of 2024.