Copper Reaches Record Highs Amid Strong Demand and Tariff Uncertainty
Copper prices have reached record highs in 2026 due to a surge in US shipments and supply challenges. The metal's strong demand, driven by the global energy transition and artificial intelligence boom, has kept it in focus despite concerns over rising manufacturing costs.
The London Metal Exchange (LME) copper price hit $14,737 a tonne in September 2026, up nearly 50% from the previous year. The Comex copper price also registered record highs, with inventories in Comex warehouses climbing to a record 696,259 tonnes amid fears of US tariffs on refined copper imports.
Axis Securities notes that prices remain higher due to ongoing uncertainty over the Trump administration's potential 15% tariff on refined copper imports. Supply concerns are also lending support, with inventories at Shanghai Futures Exchange warehouses falling to their lowest level since 2024.