Copper Hits Record High as US Tariff Delay Divides Producers
Copper prices have reached record highs due to falling mine production and uncertainty surrounding US tariff policies. Traders are moving metal into US warehouses, causing significant stock depletion in other global markets.
Why it matters
Copper is a critical industrial metal; its price volatility and supply chain shifts have significant implications for global manufacturing and trade policy.
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.
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