Expectations the US may impose tariffs on refined copper and ongoing supply tightness pushed copper to fresh records, with LME copper rising for a fourth straight session to $14,617/tonne. Prices are up about 17% year-to-date as constrained mine outp

2026-09-08

Expectations the US may impose tariffs on refined copper and ongoing supply tightness pushed copper to fresh records, with LME copper rising for a fourth straight session to $14,617/tonne. Prices are up about 17% year-to-date as constrained mine output meets stronger demand from data centers, renewable-energy equipment and power grids. Anticipation of tariffs has driven a surge of refined copper into the US, draining LME stocks, triggering severe tightness last month and leaving the futures curve deeply backwardated, signaling physical shortage.