Copper hits record $14,737 a tonne in September 2026 as mining-smelting capacity gap widens, IPCPA says
AI Market Summary
IPCPA cites a widening mismatch between global copper mining and smelting capacity, tightening mine supply and sharply skewed inventory distribution as key drivers of the rally. Expectations of potential US copper import tariffs are sustaining elevated pricing and pulling material into the US to capture Comex-LME spreads. Record-high Comex stocks alongside critically low LME inventories signal acute ex-US tightness and heightened near-term volatility in physical premiums.
Impact level
● High
Affected assets
NCCO724COPPER2USD/USDT-4.63%
AI Insight · NCCO724COPPER2USD/USDTAI Insight
▲ Bullish
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A widening mismatch between global copper mining and smelting capacity is tightening mine supply and worsening inventory imbalances, the Indian Primary Copper Producers Association said. LME copper reached a record $14,737 per tonne in September 2026, up nearly 50% over the past year. Comex stocks climbed to a record 675,000 tonnes while LME warehouse inventories fell to critically low levels, underscoring a tight spot market, according to IPCPA.
