Copper on the London Metal Exchange hit a record $14,533 per tonne, taking its gain to 17% over the past year. The move has been driven by expectations of US tariffs on refined copper imports, a buildup of US inventories, and long-term demand growth from data centres, renewables, power grids and electric vehicles. Goldman Sachs had forecast $11,200 per tonne for the fourth quarter of 2026 and Deutsche Bank had expected a $12,125 per tonne average for the year, but prices have risen well beyond those levels.

Copper on the London Metal Exchange surged to a record $14,533 a ton, up 17% so far this year. Traders have been rushing shipments into the U.S. for months on expectations President Donald Trump could impose tariffs on imported refined copper. That flow has pushed LME inventories outside the U.S. down to the lowest since June last year, tightening global supply further. Recent earnings reports from major copper miners also showed sharp profit gains.

LME copper has logged its longest run of weekly gains since 1994, with prices trading near $14,300 a ton and close to record highs. Supply is tightening as Freeport cut its 2026 output guidance at Indonesia’s Grasberg complex by roughly a third and global mine production fell 1.1% in the first half of the year. Chile’s second-quarter output was its weakest in at least 19 years, while uncertainty over Congo’s export ban and U.S. tariff decisions is adding pressure on supply chains.

Copper on the London Metal Exchange hit a record $14,533 a metric ton. Cancelled warrants stood at 51%, indicating more than 121,000 tons could leave the LME system in the coming weeks. The cash-to-three-month premium rose above $430 a ton in mid-August, the highest since 2021, underscoring near-term supply tightness.

Gold came under pressure after a stronger-than-expected US jobs report cooled expectations for a September Federal Reserve rate cut and lifted the dollar. Comex gold futures slipped below $4,440 an ounce intraday, down 0.83% from the previous close. Meanwhile, rising Middle East tensions helped push WTI crude above $92 a barrel and Brent above $97.

Alibaba said it will raise $10.2 billion through an equity offering to support its AI expansion, prompting investor worries about dilution and whether the added capital spending is efficient. Bernstein analyst Robin Zhu lowered his price target to $165 from $180, a cut of about 8%, while reiterating an Outperform rating. With $30.7 billion in net cash, some investors have questioned the need for issuing new shares. Capital spending rose 75% year over year to about $10.07 billion, and the average analyst price target is $189.46, implying roughly 67.31% upside.

SanDisk said it will be added to the S&P 100 on September 21, sending the memory-chip maker’s shares up more than 11.9% in a single session. The stock is up 633% year to date. Major institutional holders include Vanguard, Vanguard Index Funds, and Fidelity Mt. Vernon Street Trust.

The Indian rupee closed essentially unchanged on Monday, with the central bank supporting the currency through dollar sales. Brent crude rose to $96.6 a barrel, and Goldman Sachs warned prices could reach $120 if attacks on shipping escalate, adding to pressure on India’s current account. After strong U.S. jobs data, markets priced about a 57% chance of a Federal Reserve rate hike this month, while the dollar index eased to 98.9 and Asian currencies were mixed.