US tariffs boost copper prices globally

Copper prices have surged to record highs despite abundant global supply, due to the potential imposition of U.S. import tariffs, which is prompting inventories in other markets to be depleted. The three-month copper futures price on the London Metal Exchange rose to approximately $14,343 per ton, amid orders to withdraw 65,400 tons from inventories. London Metal Exchange inventories have decreased to 90,000 tons, leading to an increase in the premium for future contracts. Projections indicate that these increases reflect a shortage of available copper outside the United States, rather than a global deficit. It is expected that a 15% tariff starting in January 2027 will contribute to rising prices, as inventories continue to be drained, amid profit-taking adjustments based on price differentials. Experts believe that the threat of tariffs and the accumulation of U.S. inventories are pushing the market toward new record levels in the future.

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