Copper Prices Soar in New York as London Lags Behind

Copper prices in New York have surged to record highs, but the market is not seeing similar gains across the Atlantic. The London Metal Exchange (LME) benchmark price currently stands at $14,350 per tonne, still below the record high of about $14,600 set in January 2026.

The growing divergence between New York and London markets reflects importers rushing to secure metal before potential US trade restrictions take effect. Market participants expect duties of around 15% on refined copper from January 2027, rising to 30% from 2028.

This has led to a scramble to move copper into the United States, tightening availability elsewhere. As a result, global supplies remain tight, while US inventories have climbed to a record 675,000 tonnes. LME inventories stand at around 238,000 tonnes, highlighting the drain of metal from international markets.

Copper demand remains robust across multiple sectors, driven by the rapid expansion of artificial intelligence infrastructure and data centres. The automotive sector is also contributing to the tight market, with electric vehicles requiring substantially more copper than conventional internal combustion engine vehicles.