Copper Prices Soar Near $14K as US Volumes Reach Record High

Copper prices have surged to their highest level in two months, nearing $14,000 per ton on the London Metal Exchange. This upward trend is largely driven by ballooning copper volumes held in US warehouses and ports.

According to IHS Markit shipping data, a record 200,000 tons of copper arrived at US ports in July, adding to the already substantial hoard in American storage facilities. This has led to a tightening of copper supplies for buyers worldwide.

The market is closely monitoring an expected decision by President Donald Trump regarding an import tariff, which could further impact copper prices. Despite this uncertainty, futures on the London Metal Exchange have headed for their second consecutive daily gain.