Supply mismatch and U.S. tariff expectations drive copper to $14,737 a tonne in September 2026
AI Market Summary
Copper prices are being driven higher by a structural mismatch between mining supply and expanding smelting capacity, compounded by mine disruptions and tariff-driven arbitrage flows into the U.S. Elevated Comex inventories alongside shrinking LME stocks signal a geographic dislocation of available metal rather than easing supply. Tight mine supply and weaker treatment charges also pressure smelter economics, reinforcing near-term volatility and scarcity concerns in global copper markets.
Impact level
● High
Affected assets
NCCO724COPPER2USD/USDT-4.41%
AI Insight · NCCO724COPPER2USD/USDTAI Insight
▲ Bullish
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The Indian Primary Copper Producers Association says a mismatch between global mining and smelting capacity has helped push copper prices higher. Expectations of U.S. tariffs have diverted large volumes of spot copper to the United States, lifting Comex inventories to 675,000 tonnes while LME stocks have shrunk. LME copper hit $14,737 per tonne in September 2026, up 50% from a year earlier.
