Copper Hits Record in New York as U.S. Tariff Fears Tighten Global Supply

September Comex copper climbed as much as 1.8% to a record $6.7270 per pound as metal continued moving toward the United States, tightening availability elsewhere and challenging earlier expectations for a substantial global surplus.

By Paul Ploumis
Published August 27, 2026

MONTREAL (Scrap Monster): Copper prices climbed to a new record in New York on Tuesday as expectations of U.S. import tariffs continued to attract large volumes of metal into American warehouses. This movement has tightened available supplies for buyers in other markets, 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 U.S. market.

U.S.-Bound Copper Flows Tighten Supply Outside America

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 U.S. Comex inventories.

The U.S. 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.

Uncertainty over U.S. tariffs is expected to remain a major price driver for copper.