Copper Prices Soar on Tariff Expectations
Copper prices surged to an all-time high of $14,527.50 per metric ton on January 29, 2026, on the London Metal Exchange, fueled by expectations of significant US tariffs.
The ongoing Section 232 investigation into copper imports has markets convinced that duties are coming, with proposals circulating for a 15% tariff starting January 2027, potentially rising to 30% by 2028.
US manufacturers accelerated their purchases, leading to record import numbers of 225,094 metric tons in July 2026. This 'front-loading' effect has created a bifurcated global market, with US Comex copper inventories swelling to record levels while LME and Shanghai Futures Exchange stocks have fallen sharply.
The price move is significant, with copper crossing $12,000 per ton, then $13,000, and now trading above $14,000. Supply chain disruptions in Chile and Indonesia have compounded the tightness in the market, making it a volatile setup for traders.