Copper Surges Past $14,000 per Ton Amidst US Stockpile Concerns

Copper prices have reached a two-month high of $14,000 per ton on the London Metal Exchange (LME), amidst concerns about US stockpiles and an expected decision on import tariffs by President Donald Trump.

The surge in copper prices comes as more than 200,000 tons of the metal arrived at US ports in July, the largest monthly volume since 2014, according to IHS Markit shipping data. This has added to a significant hoard in American warehouses and ports, reducing availability for buyers elsewhere in the world.

Despite uncertainty over plans for a tariff on refined copper, US prices remain at a premium to those on the LME, keeping the trade profitable. Inventories at the LME's warehousing network have also dropped to a five-month low, with traders citing shipments to China to relieve a copper shortage.