Copper Prices Stay Elevated Amid Supply Constraints and US Tariff Uncertainty
Copper prices have remained elevated despite a sharp correction from record highs earlier this month, due to persistent concerns over mine supply and concentrate availability.
According to BigMint data, LME three-month copper futures recently traded around $14,520/t, compared with $14,250/t a week earlier. This represents a nearly 49% y-o-y increase from around $9,910/t on 9 September 2025 to $14,728/t on 8 September 2026.
The market touched a record $14,875/t last week but retreated as expectations grew that the US could delay or shelve tariffs on refined copper. However, prices subsequently recovered due to stronger physical demand in China and higher scrap imports from Japan and India.
Underlying supply fundamentals continue to support copper prices, with global mine production expected to decline in 2026 amid ageing mines, declining ore grades, and operational disruptions. Chile's weaker output has added to concerns over concentrate availability, while spot treatment charges remain deeply negative across markets.