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Copper hits record highs as US tariff worries drain global stocks
Comex copper for September rose up to 1.8% to $6.7270 a pound, while Comex inventories climbed for 46 straight days to a record 675,185 tonnes.
Copper prices surged to fresh records in New York and neared all time highs in London Tuesday as threats of US import tariffs accelerated metal flows into American warehouses and left the rest of the market tighter, Mining.com reported.
On Comex, September copper rose as much as 1.8% to $6.7270 a pound, and was last up 1.6% at $6.7125. On the LME, the three month contract added 0.4% to $14,251 a tonne and traded near 1.3% below January’s record peak, the outlet said.
Stocks on warrant in LME warehouses jumped 74.5% in a week, with the largest daily inflow since 2024, but the move reversed quickly as orders to withdraw 51,400 tonnes hit warehouses on Monday. Copper inventories have risen for 46 straight days on Comex to a record 675,185 tonnes, while the cash premium over three month metal fell sharply, Mining.com added.
The outlet also cited data showing the US imported 885,000 tonnes of refined copper in the first half, up 3% from a year earlier, and said tariff levels of 15% duties on refined copper from January 2027, stepping to 30% from 2028, remain under consideration. CRU revised its 2026 outlook to call the market at best balanced, warning that continuing import demand could turn the market into a deficit.
Latest closeCopper $6.606 ▲0.2%