Tight global inventories and metal diversion to the US ahead of potential tariffs drive copper to near-record levels.
Copper prices remain above $14,000 per tonne on the London Metal Exchange, nearing record highs on Comex, as supply constraints tighten. Metal flows into the US ahead of potential tariff decisions have reduced availability elsewhere, supporting prices globally.
Low inventories outside the US and ongoing supply-side challenges continue to underpin the market. Recent optimism over Middle East negotiations has also weakened the US dollar, further boosting industrial metals.
Analysts warn that developments in US tariff policy could increase volatility in the near term. Aluminium and zinc prices have also risen alongside copper.