Copper Prices Soar to New High Amid Supply Constraints

Copper prices have reached an all-time high of $14,779 per ton on the London Metal Exchange due to supply constraints and trade disruptions linked to anticipated US import tariffs. The price surge has pushed copper up nearly 18% this year.

The rally is driven by strong demand from data centers, electric vehicles, and power grid expansions, which continues to outpace mine supply growth. However, global copper smelters are facing severe financial distress as processing margins collapse.

The annual benchmark treatment and refining charge for 2026 settled at $0 per ton, down from $21.25 in 2025 and $80 in 2024. Spot charges fell further to approximately negative $127 a ton by midyear, forcing processors to pay miners to refine raw ore.