Copper touched an all-time high on the London Metal Exchange on Monday. Benchmark three-month futures climbed as much as 0.8% to $14,533 a ton, topping January’s record, while spot prices held near $14,513.
Traders are betting mostly that Washington will extend tariffs to refined copper imports. Commerce Department officials are now roughly two months past due on a Section 232 report meant to guide the White House’s decision, with proposals reportedly ranging from a 15% tariff starting in January 2027 to as much as 30% by 2028. Traders have positioned accordingly.
Refined copper imports into the US hit a record 225,094 metric tons in July alone, pushing Comex stockpiles as high as 766,000 short tons while LME and Shanghai inventories have dropped below 250,000 tons.
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Chile’s copper production fell 9.4% year-over-year in July due to severe weather and mine maintenance, China’s refined output dropped 3%, and Zijin Mining has warned that flooding at its Kamoa-Kakula complex in Congo could cut production there by as much as 57,000 tons this year. Longer term, mines simply haven’t kept pace with the growing pull from data centers, renewable power and electrical grids. Copper had already climbed 17% over the past year because of that shortfall, even before tariff speculation took hold.
Copper has climbed more than 68% since April 2025, when Trump’s “Liberation Day” tariff announcement first rattled global trade, according to Bianco Research. Market watchers have long nicknamed copper “Dr. Copper” for its tendency to track the broader economy, given how widely industries use it across construction, manufacturing, and electronics.
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