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.
Copper prices have also received an additional lift in recent sessions from a slump in the US dollar, making the metal less expensive for holders of other currencies.
Meanwhile, expectations around potential US tariffs on refined copper remain a key driver of the market, with the Trump administration yet to make a decision on the issue. The administration is under pressure ahead of the November midterm elections to demonstrate that its policies are lowering costs for American consumers and businesses.
The White House is weighing concerns that higher prices for the red metal could raise manufacturing costs against the potential benefits of encouraging more domestic mining, two people familiar with the matter told Reuters.
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Mr. Ashish Rajodiya, Head of Commodity at PL Capital Group, said that MCX copper reversed sharply on Thursday to trade near ₹1,378 per kg, down almost 3% for the day, after Reuters reported that the White House has stalled its decision on copper import tariffs amid concerns over rising costs for manufacturers ahead of the US midterm elections.
Rajodiya said copper had been trading in positive territory earlier in the session, with the market having built up positions anticipating a tariff announcement, but the delay triggered widespread profit-booking and a sharp unwinding of those bets, dragging prices lower through the day.
According to Rajodiya, underlying supply conditions remain tight, so this correction looks driven more by positioning than by any genuine shift in demand, and prices could stabilise once the market resets its tariff expectations.
Domestic broking firm Axis Securities said that Comex Copper extended its winning streak to six consecutive sessions through Wednesday, marking its longest such run since June 2025.
According to Axis Securities, prices remained higher, supported by ongoing uncertainty over the Trump administration’s potential 15% tariff on refined copper imports. The broking added that supply concerns are also lending support, with inventories at Shanghai Futures Exchange warehouses falling to their lowest level since 2024.
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