Record Copper Prices Hit as US Tariff Fears Drain Global Supplies

Copper prices have surged to a record high as concerns over U.S. tariffs on refined copper and supply disruptions at major mines weighed on global supplies.

The benchmark three-month copper price on the London Metal Exchange rose by as much as 0.8% intraday to $14,533 a ton on July 7th, surpassing its previous record of $14,527.50 set in January.

Copper has gained about 47% over the past 12 months, driven by growing demand from power grids, renewable energy equipment, artificial intelligence data centers, and electric vehicles.

The main factor behind copper's short-term surge is U.S. tariff uncertainty rather than a genuine increase in end demand, according to Cristian Cifuentes, senior analyst at the Chilean Copper and Mining Studies Center.