Copper set an all-time high of $14,617 per tonne on the London Metal Exchange. The price rose for the fourth consecutive trading day, supported by trader concerns over potential US tariffs on refined metal. According to BeInCrypto, copper has gained approximately 17% in value this year, reflecting near-term supply tightness and resilient industrial demand. The previous record was set in January, and in August copper reached an all-time high on the US Comex exchange, breaking through the $6.71 per pound mark.
The rise in copper prices has been amplified by political uncertainty surrounding US trade policy. A proclamation signed last August established a 50% tariff on semi-finished copper products, but refined metal was excluded from the list. The Department of Commerce was directed to review the question of tariffs on finished metal, with a report due on June 30 — yet two months later, there has been no official decision. Nevertheless, traders are already pricing in the likelihood of duties being introduced. Hundreds of thousands of tonnes of copper were shipped to the US this year in an effort to lock in higher prices on the American market, leading to a reduction in available volumes elsewhere. Analyst Jim Bianco noted that copper has risen more than 68% since April 2025 — a pace that preceded the current speculation around tariffs.
The underlying driver of the rally lies in fundamental supply challenges. According to Morgan Stanley, there is a possibility of the first annual decline in global copper ore supply since 2017. The world's largest copper deposits are aging, and their output is failing to keep pace with growing demand from data centers, renewable energy installations, and power grid upgrades. The divergence in the performance of copper and gold — with gold trading near $4,405 per ounce, 21.8% below its January record of $5,589.38 — is being interpreted by some traders as a rotation out of safe-haven assets and into industrial ones. However, the signal remains ambiguous: gold rose 10% in August, its strongest month since January, and has gained approximately 25% over the past 12 months. The tariff decision will remain the key near-term factor in determining whether copper's record price is built on policy expectations or on genuine metal scarcity.
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This material is prepared for informational purposes only and does not constitute financial advice or a recommendation.