Tariff Threat Sends Copper Prices Soaring Amid Global Surplus

The threat of U.S. import tariffs is sending copper prices to new highs despite a global surplus of the metal.

Copper prices on the London Metal Exchange rose to $14,343 per metric ton on Tuesday, within striking distance of the record high of $14,527.50.

Analysts say the rally reflects a shortage of copper available outside the U.S., rather than a global deficit of the metal.

U.S. imports of refined copper have surged this year, with 885,000 tons imported in the first half of 2026, up 3% from the same period last year and more than double the imports in the first six months of 2024.

Copper stored in COMEX warehouses is duty-paid, which means it will not be exported again due to the costs involved, according to Glencore CEO Gary Nagle.