LME three-month copper futures hit a record on the 7th and extended gains in
Asian trade on the 8th, rising intraday to $14,617/tonne. Markets widely price
in a prospective 15% US tariff on refined copper from Jan 2027, prompting US
traders to front-load purchases and shifting large volumes out of LME warehouses
in Asia and Europe into the US. Chile’s August copper exports fell to a
more-than-one-year low after extreme weather and mine disruptions. Demand
support comes from AI, data‑centre construction and EV adoption. Scrap-copper
prices are up over 20% YoY and trading is brisk; refined copper spot inventories
are at a year-to-date low as smelters run at full capacity.
