Copper Hits Record High as US Tariff Delay Divides Producers

An overdue US tariff ruling is draining copper stocks outside America as mine output falls 1.1%, dividing producers by brand registration.

Benchmark three-month copper on the London Metal Exchange touched $14,533 a tonne, surpassing the previous peak of $14,527.50 in January. Copper gained roughly 17% in 2026 and about 47% over 12 months.

The price is set by where the metal sits, not by how much of it exists. Stocks in COMEX-approved warehouses reached a record 695,624 tonnes against about 80,000 tonnes in February 2025. Outside the US, Shanghai Futures Exchange stocks fell to 63,000 tonnes, 85% below the mid-March level, while 51% of LME warrants were canceled, marking more than 121,000 tonnes to leave the system.