Copper prices reached an all-time intraday high of $14,527.50 per metric ton on the London Metal Exchange (LME) on January 29, 2026. By early September, prices remained around $14,430 per metric ton, indicating a sustained high price level.
The price surge is driven by US tariff policy. An investigation under Section 232 into copper imports has led to proposals for a 15% tariff starting January 2027, potentially increasing to 30% by 2028. This has triggered massive front-loading of imports by US manufacturers to avoid future costs.
In July 2026, a record 225,094 metric tons of refined copper entered the US. Consequently, US Comex inventories grew to record levels between 695,000 and 766,000 short tons. Simultaneously, stocks at the LME and Shanghai Futures Exchange (SHFE) dropped, often falling below 250,000 tons.
The broader market trend shows copper crossing $12,000, $13,000, and now trading above $14,000 per ton. In 2025, copper prices rose more than 40%, marking the largest annual gain since 2009.
Supply constraints are further compounded by major mine disruptions in Chile and Indonesia. This occurs alongside high global demand from electrification and power infrastructure projects, which has also increased speculative trading in copper futures.
