Copper Prices Hit Record High as US Tariff Fears Tighten Global Supplies
Copper | 2026-08-27 05:51:49
LME warehouse stocks recently surged, but a large volume of copper has since been scheduled for withdrawal.
By Paul Ploumis
SEATTLE (Scrap Monster): Copper prices climbed to a new record in New York on Tuesday as expectations of US import tariffs continued to attract large volumes of metal into American warehouses. This movement has tigtened available supplies to buyers in other markets, thus challenging earlier forecasts of a global surplus.
September Comex copper rose as much as 1.8% to $6.7270 per pound, surpassing the previous record set on August 12. The contract remained significantly more expensive than London copper, highlighting strong demand for metal destined for the US market.
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On the London Metal Exchange (LME), three-month copper gained 0.4% to $14,251 per metric ton after reaching an intraday high of $14,343. The price moved close to the record of $14,527.50 recorded in January.
LME warehouse stocks recently surged, but a large volume of copper has since been scheduled for withdrawal. More than 65,000 tonnes have been earmarked for removal in recent days. Much of the material is expected to move toward the US. Comex inventories.
The US imported 885,000 tonnes of refined copper during the first half of 2026. Although analysts previously expected a global surplus of 639,000 tonnes this year, some now see the market as effectively balanced or potentially moving into deficit. Also, uncertainty over U.S. tariffs will continue to remain as a major price driver for the commodity.
POLL
What is the biggest factor driving copper prices higher currently?
Frequently Asked Questions
- Why have copper prices reached record levels in New York?
Expectations of U.S. import tariffs are encouraging large volumes of copper to move into American warehouses. This has tightened supplies available to buyers in other markets and increased the premium for U.S.-destined metal.
- How did Comex and LME copper prices perform?
September Comex copper rose as much as 1.8% to $6.7270 per pound, setting a new record. Three-month LME copper gained 0.4% to $14,251 per metric ton after reaching an intraday high of $14,343.
- What is happening to copper inventories?
LME warehouse stocks had recently increased significantly, but more than 65,000 tonnes have since been earmarked for withdrawal. A substantial portion of this copper is expected to be shipped toward the U.S., particularly Comex warehouses.
