Copper prices hit record highs amid AI demand and tariff uncertainty

copper prices London Metal Exchange AI data centers import tariffs mining supply

Copper prices have reached unprecedented levels, with futures on the London Metal Exchange hitting record highs in September 2026. This surge is driven by a combination of tightening global supply and robust demand from the artificial intelligence boom and electric vehicle manufacturing.

Global mine production declined by 1.1% in the first half of 2026, with major producers like Chile seeing significant output drops. This supply constraint is exacerbated by a mismatch between mining and smelting capacities. Furthermore, inventory shifts have seen copper stocks concentrate in the United States, with COMEX inventories reaching record levels while LME stocks have fallen.

Market volatility is also being fueled by uncertainty regarding potential US import tariffs on copper products. While the US Department of Commerce has delayed its report, traders continue to price in the possibility of new trade restrictions, contributing to the price frenzy.

Entities

COMEX · Chile · Codelco · Freeport-McMoRan Inc. · Indian Primary Copper Producers Association · International Copper Study Group · London Metal Exchange · US Department of Commerce · United States

Claims

What the coverage asserts, and how many sources carry each claim.

[● 9 SOURCES] Anticipated US copper import tariffs are contributing to price volatility and supply shifts. utrinskivesnik.mk · mineralprices.com · kidd.co.kr · biz.heraldcorp.com · kioncentralcoast.com · +4 more
[● 5 SOURCES] Demand for copper is being driven by the AI boom and electric vehicle manufacturing. mineralprices.com · kioncentralcoast.com · biz.heraldcorp.com · kesq.com · krdo.com
[DISPUTED] COMEX copper stocks reached a record 675,000 tonnes, while LME inventories fell to critically low levels. www.latestly.com · thecsrjournal.in
[● 5 SOURCES] Global copper mine output declined by 1.1% in the first half of 2026. utrinskivesnik.mk · mineralprices.com · kioncentralcoast.com · kesq.com · krdo.com
[● 10 SOURCES] Copper futures on the London Metal Exchange reached record highs in September 2026. utrinskivesnik.mk · bizniscg.me · mineralprices.com · kidd.co.kr · biz.heraldcorp.com · +5 more
[● 4 SOURCES] Chilean copper output declined by 6.6% in the first half of 2026. mineralprices.com · kioncentralcoast.com · kesq.com · krdo.com