Copper Prices Soar to Record High on US Tariff Fears

Copper prices surged to a record high on the London Metal Exchange due to fears of wider US tariffs, driving traders to move supplies into the United States and tightening availability elsewhere.

The benchmark three-month copper futures rose as much as 0.8% to $14,533 a metric tonne, surpassing its previous record of $14,527.50 set in January.

Copper is up about 17% this year and 47% over the past 12 months, with global inventories remaining relatively high but copper stocks concentrated in the US, leaving less metal available through the LME network.

The rally reflects a longer-term mismatch between supply and demand, with ageing mines struggling to keep pace with consumption from data centres, renewable energy projects, and power grids.