Copper Prices Surge Toward $15,000 Amid Tariff Uncertainty

Copper prices have been surging, and analysts predict they could break through $15,000 for the first time this week. The current benchmark copper price on the London Metal Exchange has already hit an all-time high of $14,779 per metric ton, with no signs of slowing down.

According to Panmure Liberum analyst Tom Price, 'Will it get to US$15,000 this week on Trump's tariff confusion? Sure, that's possible.' He notes the speculative capital behind this trading idea is driving prices higher. The U.S. has proposed a 15% tariff on refined copper imports from 2027, rising to 30% in 2028.

The prospect of tariffs has led to large volumes of copper flowing into COMEX-approved warehouses in the U.S., draining inventories on the LME and in top metals consumer China. At just over 300,000 tons combined, LME and ShFE copper stocks are less than half those held by COMEX at record highs.