Copper Prices Surge as Traders Rush to Secure Metal Before US Tariffs

Copper prices surged to record highs in New York on Wednesday, while London Metal Exchange (LME) benchmark prices traded around $14,350 per tonne, still below the January 2026 record high of about $14,600 per tonne.

The growing divergence between the two markets reflects importers rushing to secure metal before potential US trade restrictions take effect. The White House has yet to make a final decision on copper tariffs, but market participants are preparing for duties of around 15% on refined copper from January 2027, rising to 30% from 2028.

The threat of tariffs has turned what should have been a surplus this year into, at best, a balanced market, according to Robert Edwards, principal copper analyst at CRU. Copper stocks held in Comex warehouses have climbed to a record 675,000 tonnes, while the country imported roughly 885,000 tonnes of copper during the first half of 2026.

Tight global supplies and strong structural demand are expected to continue underpinning prices despite record inventory accumulation in the US. Traders remain focused on Washington's next move, with a formal tariff announcement potentially reshaping global trade flows and prolonging the disparity between New York and London copper prices.