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Copper hits record highs as US tariff fears and supply tightness mount
Comex inventories rose to a record 696,259 tonnes even as LME copper reached a September 2026 record of $14,737 per tonne, underscoring a market balancing supply constraints and tariff-driven uncertainty.
Copper prices have extended a record run in 2026, with LME copper breaking multiple highs as shipments to the US increased ahead of potential policy decisions on refined copper import tariffs, according to LiveMint Markets.
The tariff outlook has remained a key driver. LiveMint Markets cited ongoing uncertainty around a possible 15% tariff on refined copper imports, alongside tighter supply conditions elsewhere and disruptions that have strained output from major copper mines in Africa.
Despite the record price action, Comex warehouse inventories climbed to a record 696,259 tonnes. LiveMint Markets also linked additional support in recent sessions to a slump in the US dollar, which can make copper cheaper for non-USD holders.
Structural demand tied to the energy transition and the AI boom has kept copper in focus, while the US political calendar adds pressure on the administration to show costs are not rising for businesses and consumers. LiveMint Markets said concerns include higher copper prices lifting manufacturing costs, with the White House weighing those effects against potential benefits of encouraging more domestic mining ahead of the November midterm elections.
Latest closeCopper $6.857 ▲1.8%