LME Copper Price Hits New All-Time High on Strong US Demand and Chilean Supply Disruptions

Copper prices have reached an all-time high on the London Metal Exchange (LME), surpassing $14,530 per ton. The record price is due in part to strong demand from the US, where inventories of copper have risen significantly recently.

According to Commerzbank's Norman Liebke, the planned copper import tariffs by the US Department of Commerce have yet to materialize, contributing to the surge in demand.

The supply issues in Chile are also providing support for the high price. Weather-related operational problems and port issues have cut exports from the country, which accounts for about a quarter of global mine output.

Chilean copper exports fell to $4.62 billion in August, the lowest level since July 2025, representing a 14% decline from July and a 3.2% decline from the previous year.