London Metal Exchange

Copper climbs toward record; tariff threat looms

Copper prices are approaching record highs as the prospect of U.S. import tariffs drives a wave of metal into U.S. warehouses, tightening supplies outside the United States and turning what should be a global surplus into a tighter or balanced market. Analysts say the rally reflects a shortage outside the U.S. rather than a true global deficit, with COMEX inventories at a record 675,185 tonnes and the London three‑month price nearing $14,343 per tonne as traders anticipate possible tariff effects from 2027 onward.