Copper hits record $14,533 a ton, up 16% in 2026 as inventories tighten
AI Market Summary
LME copper hit a record near $14,533/ton, up ~16% YTD, as supply tightness intensifies outside the US. A high share of canceled LME warrants (~51%) signals potential near-term warehouse outflows, while SHFE inventories have fallen sharply, reinforcing backwardation and concerns over prompt availability. A softer dollar and fund buying add support, increasing sensitivity across industrial metals and related risk assets.
Impact level
● Medium
Affected assets
NCCO724COPPER2USD/USDT+1.13%
AI Insight · NCCO724COPPER2USD/USDTAI Insight
▲ Bullish
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Benchmark three-month copper on the London Metal Exchange climbed to a record $14,533 a ton, taking its 2026 gain to 16%. About 51% of LME warrants have been canceled, suggesting more than 121,000 tonnes of copper could leave the exchange’s warehouse system as supply tightens. A softer dollar and fund buying have also supported prices.
