Copper hits record $14,533 per ton as US tariff fears drive prices up
The London Metal Exchange saw copper futures surge 0.8% to a historic high of $14,533 per ton, driven by the prospect that President Donald Trump will impose new tariffs on refined metal imports.
Copper prices reached their highest level ever on the London Metal Exchange today after weeks of upward pressure fueled by expectations that President Donald Trump will expand US import tariffs on refined metal. The reference contract for copper three months out advanced 0.8% to trade at $14,533 per ton, breaking a previous record set in January. An annual increase of 17% has been sustained by a structural mismatch between supply and demand. A fleet of aging global mining facilities is struggling to match consumption growth across data centers, renewable energy, and electrical grids. Short-term factors have intensified this trend, particularly as hundreds of thousands of tons shipped to the US this year allowed traders to profit from elevated domestic prices. Markets are currently pricing in a possibility for tariffs on primary copper imports. Although global total inventories remain relatively high, they are concentrated heavily in the US. Meanwhile, the amount of metal stored within the LME's extensive global network has declined. This reduced short-term availability compressed positions held by sellers.
