Copper Hits Record $14,617 as U.S. Tariff Report Is Delayed

Copper hit a record $14,617 a ton on the London Metal Exchange, extending a rally into a fourth session and marking a second consecutive record.

Traders have been positioning for possible U.S. tariffs on refined copper after a presidential proclamation in August placed a 50% duty on semi-finished copper and directed the Commerce Department to reassess refined metal. The Commerce report, due June 30, remains unpublished more than two months past that deadline, and market participants are pricing a tariff into futures and physical markets despite no new policy.

Merchants shipped hundreds of thousands of tons to the U.S. this year to capture higher American prices. That movement reduced near-term availability elsewhere and put pressure on inventories.

Supply-side concerns have also supported prices. Morgan Stanley flagged the possibility of the first annual decline in global copper mine output since 2017, citing ageing major mines and production that is not keeping pace with demand from data centers, renewable energy projects and grid upgrades.

Price gains began before tariff speculation intensified. Market analyst Jim Bianco noted copper has climbed more than 68% since April 2025. The metal had already cleared its previous January record before the latest surge, and in August copper set a Comex record by trading above $6.71 a pound.

Copper is up about 17% so far this year. Gold trades near $4,405 an ounce, roughly 21.8% below its January peak of $5,589.38. Gold rose about 10% in August and is up about 25% over 12 months. The copper-gold ratio recently broke a downtrend.

A market commentary posted on social media read: ‘The world is hunting for supply. We need more mines.’ The Commerce Department report remains overdue. Traders and producers are monitoring Washington’s next steps as they adjust shipment flows and inventories.