Copper Prices Soar on Tariff Uncertainty

Copper prices have reached a record high on the London Metal Exchange (LME), hitting $14,617 a ton on September 8. This is the fourth consecutive day of gains for copper futures contracts.

The price surge has been driven by uncertainty over US tariffs on imported refined copper. The US Department of Commerce had until June 30 to review and submit a report on the matter, but no decision has been announced yet.

This uncertainty has led traders to redirect large volumes of copper towards the US market, causing stockpiles at the COMEX exchange in the US to rise eightfold since February 2025.

The global mine production of copper fell 1.1% in the first half of this year compared to the same period last year, while output of copper concentrate dropped 2.6%. Chile's export of copper decreased by $863 million in August due to operational problems and declining ore grades.