Copper Nears $15,000 Per Ton as U.S. Tariff Uncertainty Fuels Stockpiling

Copper prices surged to a new all-time high, closing in on the $15,000 per metric ton milestone, as persistent uncertainty over potential U.S. import tariffs fuels a speculative rally and reshapes global inventory flows. Benchmark copper on the London Metal Exchange (LME) hit a record $14,779 per metric ton on Tuesday, marking its fourth consecutive session of gains.

Tariff Speculation Drives Rally

The price surge is largely driven by a U.S. proposal to impose significant tariffs on refined copper imports, according to market analysts. The plan, which has not yet been officially confirmed or ruled out, would reportedly introduce a 15% tariff starting in 2027, increasing to 30% in 2028.

This policy uncertainty has attracted a wave of speculative investment. "Could it hit $15,000 this week in the chaos from the Trump tariff story? Sure," said Tom Price, an analyst at Panmure Liberum, in a comment cited by Investing.com. "When you get that much speculative money aimed at a single theme, any big number is a target."

Global Stockpiles Shift to U.S.

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In anticipation of the potential tariffs, a significant volume of copper is being redirected into U.S. warehouses, leading to a major divergence in global stockpiles. This has created a stark contrast in inventory levels across major exchanges:

• Inventories in COMEX-approved warehouses in the U.S. have swelled to a record 695,624 metric tons.
• Combined stockpiles on the LME and the Shanghai Futures Exchange (SHFE) have fallen to just over 300,000 metric tons, less than half the U.S. total.

This trend is further supported by an open arbitrage window that makes it profitable for traders to import the metal into the United States. The rush to build up U.S. inventories ahead of any final tariff decision is tightening the physical market elsewhere, providing strong support for the ongoing price surge.