LME copper hits record $14,533 a tonne

LME copper rose 0.8% intraday to $14,533 a tonne on September 8, 2026, reaching an all-time high as traders flagged the prospect of US tariffs on refined imports and persistent supply tightness.

US tariff risk on refined copper

Traders and analysts said the rally followed signs Washington may consider duties on refined copper, a move that would strengthen demand for domestically processed metal and tighten global refined supplies. Data showed the intraday gain pushed prices to levels that have tested industrial buyers' budgets.

Market participants also pointed to ongoing supply constraints from major producing regions and reduced visible inventories on exchanges as contributors to the move. The combination of tariff risk and constrained supply has narrowed the margin between mine output and refined availability, traders said, increasing sensitivity to any further policy or logistical shocks.

Traders said higher prices will boost revenue for mining companies but raise input costs for manufacturers and utilities that use copper in wiring and infrastructure. If new US duties are announced by September 15, 2026, traders said the decision would probably prompt renewed volatility across base metals and prompt shifts in hedging by downstream buyers.