Copper Surges to New Record on Tariff Fears and Supply Crunch

Copper prices have reached an all-time high on the London Metal Exchange (LME), surpassing its previous record of USD 14,527.50 set in January.

The surge is attributed to a combination of US tariff concerns, tightening availability, supply disruptions and rising demand from areas such as artificial intelligence (AI), electrification and power infrastructure.

Kishore Narne, Director and Head of Commodity at Motilal Oswal Financial Services, said copper was caught between persistent global supply disruptions and strong structural demand.

Ajay Bagga, Banking and Market Expert, believes the immediate rally is closely linked to US tariff expectations, with manufacturers bringing forward purchases to avoid potentially higher costs later.