Copper hits record $14,737 a tonne in September 2026 as tariff fears and tight supply drive rally
AI Market Summary
Copper prices hit record highs as markets price in potential US refined-copper tariffs, tight mine supply after disruptions, and volatile inventory shifts across LME/Comex/Shanghai. The White House reportedly delaying a tariff decision triggered position unwinds and a sharp pullback, but uncertainty around a possible 15% tariff continues to support risk premia. A softer US dollar has also been a tailwind for copper pricing.
Impact level
● Medium
Affected assets
NCCO724COPPER2USD/USDT-4.83%
AI Insight · NCCO724COPPER2USD/USDTAI Insight
● Neutral
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LME copper hit a record $14,737 a tonne in September 2026, up nearly 50% over the past year. Expectations of U.S. tariffs, tightening mine supply and sharp swings in global inventories have reshaped the market. The White House has paused a decision on copper import tariffs over concerns about higher costs for manufacturers, but uncertainty around a possible 15% tariff on refined copper under the Trump administration continues to support prices. In India, MCX copper fell nearly 3% on Thursday to around ₹1,378 per kg.
