Copper above $14,000 a tonne as tariff-driven rally nears record levels
Copper is trading above $14,000 per tonne, near a historic peak. China’s refined copper imports exceeded 200,000 tonnes in July, the highest monthly total in at least 12 years. LME copper stocks have fallen to a five-month low, while the cash-to-three-month spread has widened to about a $120-per-tonne backwardation from around $40 a week earlier. The market is forecasting a global refined copper deficit of about 35,000 tonnes in 2026, underscoring ongoing tightness in the physical market.