Tariff-Driven Copper Surges to Record High on COMEX Exchange

Copper prices surged to an all-time high of $6.71 per pound on August 25, 2026, due in part to the effects of U.S. tariffs on imports. The U.S. imported nearly 885,000 tons of refined copper in the first half of the year, a 3% increase from 2025.

As a result of these tariffs, 675,185 tons of copper remain stored in domestic warehouses, causing a scarcity premium for supplies not stored in the U.S. This has driven up prices and led to record highs on the COMEX exchange.

The market is factoring in an escalating scarcity premium due to the uncertainty surrounding future tariffs. The unusual aspect of this situation is that traders have been directing refined metal to the United States ahead of potential 2027 tariffs, which has contributed to the current surplus.