Copper hits record $14,533 a ton on tariff uncertainty and mine supply strains
AI Market Summary
Copper hit a new LME record as traders pre-position for potential US tariffs on refined/primary copper, pulling inventories toward the US and tightening LME availability. Backwardation and short-covering dynamics highlight localized scarcity despite relatively high global stockpiles. Structural supply constraints persist as aging mines and operational disruptions weigh on output; negative smelting fees and a possible first annual mined-supply decline since 2017 reinforce the tightening narrative.
Impact level
● High
Affected assets
NCCO724COPPER2USD/USDT+1.10%
AI Insight · NCCO724COPPER2USD/USDTAI Insight
▲ Bullish
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Copper on the London Metal Exchange climbed to a record intraday high of $14,533 a ton amid turbulence around tariff policy and disruptions at mines. Prices are up 17% this year and 47% over the past 12 months, supported by a persistent long-term supply-demand imbalance. Treatment charges have fallen into negative territory, and without a second-half production recovery global mined supply is set for its first annual decline since 2017, while several major miners’ copper profits have surged.
