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 const

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.