US Tariff Threat Drives Copper Prices to Fresh Record

Copper prices surged to a fresh record in New York as traders scrambled to secure supply ahead of potential US tariffs, which would impose a 15% duty from January 2027 and rise to 30% from 2028.

The September contract on Comex climbed as high as $6.73 per pound or about $14,850 per tonne, surpassing the previous record set earlier this month.

Copper's strength comes as traders position for potential US tariffs on refined copper, encouraging them to ship copper into the US before any levies take effect.

LME inventories have fallen steadily in recent months, while stocks held in Comex warehouses have surged over the past six weeks to record highs, highlighting a sharp divergence between US and global inventories.