Copper Prices Near $15k on Tariff Uncertainty

Copper Price Surge Near $15,000 per Metric Ton

Copper prices on the London Metal Exchange (LME) climbed to an all‑time high of $14,779 per metric ton, marking the fourth consecutive session of gains. Analysts, including Tom Price of Panmure Liberum, indicated that a price of $15,000 per metric ton is possible within the week, citing the presence of speculative capital behind the trading idea.

The rally is occurring against a backdrop of uncertainty surrounding proposed United States import tariffs on refined copper. The U.S. has signaled a 15% tariff on refined copper imports beginning in 2027, with a planned increase to 30% in 2028, though the measures have not been formally confirmed or ruled out.

Tariff ambiguity has prompted large volumes of copper to be moved into COMEX‑approved warehouses in the United States, thereby reducing inventories on the LME and in China, the world’s largest metals consumer. 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 that has risen to a record 695,624 tons. This disparity has created an open arbitrage window that is supporting strong U.S. copper imports.

Investors are also preparing for upcoming U.S. economic data releases, which could further influence price dynamics. The article was generated with AI assistance and reviewed by an editor.