Copper Prices Near $15,000 per Metric Ton
Copper prices on the London Metal Exchange (LME) surged to an all‑time high of $14,779 per metric ton, marking the fourth consecutive session of gains and bringing the market close to the $15,000 threshold analysts expect could be reached this week.
Analyst Tom Price of Panmure Liberum stated that hitting $15,000 is possible given the speculative capital backing the trade idea, especially as investors await upcoming U.S. economic data releases.
The rally is being driven by uncertainty surrounding a proposed U.S. import tariff on refined copper. The United States has outlined a 15% tariff to commence in 2027, with a planned increase to 30% in 2028, though the measure has not yet been confirmed or ruled out.
This tariff ambiguity has prompted large volumes of copper to be moved into COMEX‑approved warehouses in the United States, thereby reducing on‑exchange inventories. Combined inventories on the LME and the Shanghai Futures Exchange now stand at just over 300,000 tons, which is less than half of the COMEX stockpile, which reached a record high of 695,624 tons.
The disparity between COMEX and LME/Shanghai stocks has created an open arbitrage window that is supporting strong U.S. copper imports.