Copper Prices Soar to Record High on Tariff Anticipation and Stockpiling

Copper prices have surged to an all-time high of $14,708 per tonne due to US tariff expectations and stockpiling. The global economic outlook is uncertain due to trade disputes and instability in West Asia.

The current rally is driven more by anticipation of US tariffs on refined copper than economic optimism. Industry insiders say the surge stems mainly from concerns over potential US tariffs that could take effect from January 2027.

In anticipation of these tariffs, traders are moving copper out of London Metal Exchange (LME) warehouses into US COMEX warehouses, creating a shortage of tradeable copper stocks on the LME and pushing futures prices up.