US Tariff Threat Sends Copper Prices Soaring

Copper prices on the London Metal Exchange have surged to $14,343 per metric ton, nearing an all-time record of $14,527.50. The catalyst behind this price hike isn't a mine collapse or increased demand from electric vehicle makers.

The threat of US tariffs has triggered a rush of metal into American warehouses, swelling COMEX inventories to 675,185 metric tons after 46 consecutive days of gains. This means that every ton parked stateside is a ton not available to buyers in Europe, Asia, or elsewhere.

In fact, US refined copper imports hit roughly 885,000 tons in the first half of 2026 alone, a 3% increase year-on-year. For context, full-year 2025 saw a record 1.64 million tons flow into the country.