Copper Prices Soar to Record High Amid US Tariff Uncertainty

Copper prices have reached an all-time high, hitting $14,533 per tonne on the London Metal Exchange. This surge is attributed to uncertainty over potential US tariffs and concerns about global supply.

The market has seen a significant shift in copper towards the US, leading to tighter availability elsewhere. Traders are moving supplies into the US due to fears of increased tariffs, which may disrupt trade flows.

Global mine output weakened in the first half of 2026, adding to supply concerns. Tighter inventories in the LME system have further supported prices, with copper futures on Indian exchanges also gaining ground.