Record Copper Prices Sparked by US Tariffs Fears
Copper prices have hit a record high of $14,708 per tonne on the London Metal Exchange (LME) amid concerns over potential tariffs by the United States. According to industry insiders, the surge is less about expectations of stronger global economic growth and more about US trade policies.
The current rally comes after a period of volatility. Copper prices had cooled to $11,929.5 per tonne in March, but have since rebounded due to stockpiling ahead of potential tariffs on refined copper imports from January 2027.
A 15% tariff on refined copper imports is set to take effect next year, with the rate increasing to 30% in 2028. This has led to a shortage of copper stocks that can be traded on the LME, resulting in a huge buildup of inventories in the US.