Copper hits record high on LME amid US tariff fears

copper prices LME record high US import tariffs supply shortage commodity arbitrage

Copper prices reached a historic all-time high on the London Metal Exchange (LME), hitting $14,533 per metric ton. This surge is driven by a combination of tightening global supply and significant regional inventory imbalances.

One primary driver is the anticipation of expanded US tariffs on refined copper. This has triggered massive international trade arbitrage, with traders moving large volumes of metal into the United States to capture price premiums. Consequently, while COMEX inventories have reached record highs of approximately 696,000 tons, other major hubs like the LME and Shanghai Futures Exchange are facing supply shortages. Shanghai inventories have dropped to their lowest levels since early 2024.

Supply-side pressures are further exacerbated by declining global mining production, which fell 1.1% in the first half of 2026. Chile, the world's largest producer, has faced operational difficulties and weather-related disruptions, leading to its weakest second-quarter output in nearly two decades. Additionally, the market is facing long-term demand growth from data centers, renewable energy projects, and power grids, which continues to outpace the capacity of aging mines.

Entities

Bank of Japan · COMEX · Chile · Codelco · Copper · Donald Trump · Federal Reserve · Freeport-McMoRan · London Metal Exchange · Oracle · Shanghai Futures Exchange · U.S. Department of the Treasury

Claims

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

[● 7 SOURCES] The market is awaiting upcoming CPI and PPI data to determine Fed interest rate decisions. www.blocktempo.com · news.cnyes.com · news.pchome.com.tw · 360mozambique.com · blockcast.it
[● 2 SOURCES] The US Treasury plans to expand its bond buyback program. news.cnyes.com · zombit.info
[● 8 SOURCES] US non-farm payrolls for August grew by 162,000, exceeding expectations. www.blocktempo.com · news.cnyes.com · news.pchome.com.tw · 360mozambique.com · blockcast.it · +1 more
[● 2 SOURCES] US diesel prices reached a record high of $5.85 per gallon. news.pchome.com.tw
[○ 1 SOURCE] COMEX copper inventories reached a record high of approximately 696,000 tons. kidd.co.kr
[● 7 SOURCES] LME warehouse inventories are declining, creating regional supply shortages. kidd.co.kr · www.ekoturk.com · world-today-journal.com · bhaskarlive.in · www.gzt.com
[○ 1 SOURCE] US copper imports in July exceeded 220,000 tons for the first time. kidd.co.kr
[● 16 SOURCES] Copper prices reached a record high of $14,533 per ton on the London Metal Exchange (LME). kidd.co.kr · www.ekoturk.com · world-today-journal.com · bhaskarlive.in · www.gzt.com · +10 more
[DISPUTED] COMEX copper inventories reached a record high of approximately 696,000 tons due to supply concentration in the US. kidd.co.kr · www.capital.gr · www.share-talk.com
[● 3 SOURCES] Bitcoin prices dropped below $79,000 following strong US employment data and rising rate hike expectations. blockcast.it · zombit.info · www.blocktempo.com
[● 13 SOURCES] Traders are moving supplies into the United States in anticipation of expanded US tariffs on refined copper. www.equitypandit.com · world-today-journal.com · bhaskarlive.in · forexclub.pl · www.dtnext.in · +8 more
[DISPUTED] Market participants assign a roughly 60% probability to a Federal Reserve interest rate hike in September. 360mozambique.com · blockcast.it · news.pchome.com.tw · kidd.co.kr