Copper Prices Soar to Record Highs Amid Tariff Anticipation

Copper prices have surged to new heights due to anticipation of expanded tariffs, which could lead to further price increases. Benchmark three-month futures rose by as much as 0.8% to above $14,530 per ton on the London Metal Exchange in early September, surpassing the previous record high set in January. The current copper price is $6.55 per pound on COMEX.

Total inventories rose by 20,718 metric tons in August, with COMEX rising 38,749 metric tons and the London Metal Exchange falling 21,125 metric tons. Copper prices jumped 48% year over year, with a year-to-date average for 2026 of $6.09 compared to $4.82 in 2025.

Trade tensions between the US and Canada have also driven up aluminum prices, which rose by 38% year over year. The renewed trade tensions hint at the future of the US-Mexico-Canada Agreement.