US Tariffs Send Copper Prices Soaring Past $14,500

Copper prices have reached an all-time high on the London Metal Exchange, surpassing $14,500 per metric tonne. This surge is largely driven by expectations of wider US tariffs on refined copper, causing traders to rush supplies into the United States and tighten availability elsewhere.

The three-month copper futures benchmark rose as much as 0.8% to reach this record high, with prices also up about 17% this year and 47% over the past 12 months. In the domestic market, copper futures on the Multi Commodity Exchange (MCX) jumped by 1.21% or Rs 16.8 to hit an intraday high of Rs 1,403.50.

While global inventories remain relatively high, copper stocks have become concentrated in the United States, leaving less metal available through the LME network. This has led to a market structure known as backwardation, where spot copper continues to trade at a premium to three-month futures.