By Mo Shine
Copper hit a fresh record high overnight, extending a rally driven by tariff-driven hoarding in the United States and shrinking mine supply.
COMEX copper recently traded around $6.70 per pound, while three-month copper on the London Metal Exchange moved above $14,000 per metric tonne, according to market data reported by Morningstar and CNBC.
The latest move continues a pattern of record highs earlier in the year. Traders and industrial buyers have been bringing copper into the United States ahead of potential import tariffs, pushing U.S. warehouse stocks to records while inventories elsewhere have tightened. U.S. ports received more than 200,000 tonnes of copper in July, the largest monthly inflow in more than a decade, according to market reports.
The tariff-related stockpiling has intensified an already constrained physical market. Mine supply growth remains limited, with export restrictions in the Democratic Republic of Congo and weather-related disruptions in Chile adding to operational risks. The International Energy Agency has also pointed to mounting pressure on smelters as concentrate availability declines.
The rally is unfolding against a structural deficit outlook tied to grid investment, electrification and data-centre construction. Skillings’ copper supply analysis examines the longer-term balance, while its 2026 price outlook tracks demand and forecast revisions.
Market participants are now watching whether tariff policy and mine disruptions continue to tighten prompt supply or whether stockpiled metal eventually returns to the broader market.