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Copper Prices Hit Record High Amid Tariff Fears and Supply Disruptions
Non-Energy Minerals · Other Metals/Minerals · yonhap_finance · 2026-09-07
Global copper prices reached an all-time high as market participants hedge against potential U.S. tariffs while supply remains constrained by mining issues in Chile.
What Happened
Record Price Surge: Copper futures on the London Metal Exchange (LME) soared to a record high of $14,533 per ton. This marks a significant 47% increase in copper prices over the past year, driven by both structural demand and market volatility.
Impact of Tariff Risks: The recent price rally is largely attributed to the preemptive stockpiling of refined copper in the U.S. ahead of potential new tariffs. This has created a localized supply imbalance, with inventories surging at the COMEX while LME stockpiles continue to deplete.
Mining Supply Constraints: Chile, the world's largest copper producer, is facing significant operational challenges due to mine collapses and declining ore grades. Consequently, the country's copper exports hit a one-year low in August, raising concerns about a potential annual decline in global mine supply.
Structural Demand Shifts: Long-term demand for copper is being fueled by the rapid expansion of AI data centers, renewable energy projects, and defense sectors. Analysts suggest that the current price environment is driven more by localized supply shortages and policy-related hedging than by a broad global demand surplus.