Copper Soars to Record Highs Amid Supply Fears & US Tariffs
Business
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News18•07-01-2026, 13:52
Copper Soars to Record Highs Amid Supply Fears & US Tariffs
- •Copper futures on the London Metal Exchange (LME) breached $13,000 per tonne, hitting a record high due to strong demand and tightening supply.
- •Fears of potential US tariffs led to large copper shipments to the United States, causing reduced availability and intensifying supply pressures in other regions.
- •A workers' strike at Chile's Mantoverde copper mine and geopolitical factors like US actions against Venezuelan President Nicolás Maduro further fueled price increases.
- •The global energy transition, driven by electric vehicles and renewable energy, provides strong long-term demand, with prices rising 42% in 2025.
- •Despite a projected market surplus, an imbalance where half of the world's copper inventory is in the US (for less than 10% global demand) suggests persistent tightness and a potential 2026 shortfall.
Why It Matters: Copper prices hit record highs driven by supply concerns, US tariffs, and robust demand from the energy transition.
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