Copper Prices Soar to Record Highs Amid Tariff Fears and Supply Woes
Copper prices on the London Metal Exchange (LME) have reached an all-time high of $14,533 per tonne, driven by expectations that US President Donald Trump will expand tariffs on refined metal imports.
The LME's three-month benchmark futures price rose 0.8% before paring some gains, but remains up 17% year-to-date and 47% over the past 12 months.
Aging large-scale copper mines globally are struggling to meet demand from data centers, renewable energy projects, and power grids, exacerbating a long-term supply-demand imbalance.
Tariff-driven trade flows have severely impacted global inventories, with LME copper stocks dropping sharply last month and deliverable stocks falling to extremely low levels, putting pressure on short-sellers and pushing prices higher.