Copper above $14,000 a tonne as tariff-driven rally nears record levels
AI Market Summary
Copper is trading above $14,000/tonne near record highs as prospective U.S. import tariffs pull material into the U.S., tightening ex-U.S. availability. LME inventories are at a five-month low and cash-to-3M backwardation has widened to ~$120/tonne, signaling acute nearby scarcity. While electrification and constrained mine supply support fundamentals, any delay or dilution of tariffs could unwind the tariff premium and normalize physical tightness.
Impact level
● High
Affected assets
NCCO724COPPER2USD/USDT+0.38%
AI Insight · NCCO724COPPER2USD/USDTAI Insight
● Neutral
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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.
