While gold and silver prices have been marked by sharp volatility for much of 2026, copper has staged a record-breaking run, fuelled by a surge in shipments to the US ahead of a potential decision on import tariffs and tightening supplies elsewhere.
Copper prices on the London Metal Exchange (LME) have broken multiple records in 2026, while Comex copper has also registered record highs. Amid fears that the US could announce tariffs on refined copper imports, inventories in Comex warehouses have climbed to a record 696,259 tonnes.
LME copper prices touched a record $14,737 a tonne in September 2026, up nearly 50% over the past year, as expectations of US tariffs, tighter mine supply and sharp shifts in global inventories reshape the market.
Beyond tariff expectations and inventory shifts, strong structural demand has also kept copper in focus. The metal, which is crucial to the global energy transition, has remained in the spotlight throughout the year as countries across the world push aggressively towards clean-energy adoption, alongside the ongoing artificial intelligence boom.
At the same time, meeting this rising demand has become increasingly challenging as supply from major mining regions comes under pressure. A series of accidents and disruptions at some of the world’s largest copper mines in Africa have strained supplies, adding further support to prices.