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Copper prices surged to a record $14,779 per tonne on the London Metal Exchange, extending gains for a fourth consecutive session and moving closer to the key $15,000 level. Further upside as speculative buying strengthens amid uncertainty over U.S. copper tariffs. Proposed tariffs of 15% from 2027 and 30% from 2028 have encouraged large volumes of copper into U.S. warehouses, pushing LME and Shanghai Futures Exchange inventories below half of COMEX stocks. Near-term direction will depend on U.S. Treasury bond buyback details and August CPI data. Copper could face profit-taking if the dollar strengthens, while holding above $14,400 supports further gains.

Key Highlights

• LME copper hit a record $14,779 per tonne, gaining for a fourth consecutive session.

• Copper could breach $15,000 this week as speculative capital continues supporting the rally.

• U.S. tariff uncertainty is diverting copper into COMEX warehouses, draining LME and Chinese inventories.

• LME and ShFE stocks remain below 300,000 tonnes, less than half record COMEX inventories.

• Copper holding above $14,400 could trigger further gains, while stronger dollar risks profit-taking.

Copper prices climbed to a record $14,779 per tonne on the London Metal Exchange, extending gains for a fourth straight session and raising expectations that the metal could cross $15,000 this week. The rally is being supported by heavy speculative positioning and uncertainty surrounding U.S. import tariffs, with scope for further gains as long as tariff policy remains unclear.

The U.S. has proposed a 15% tariff on refined copper imports from 2027, rising to 30% in 2028, but has yet to confirm or rule out the measures. The uncertainty has encouraged significant volumes of copper to move into COMEX-approved warehouses, reducing inventories available on the LME and in China. Combined LME and Shanghai Futures Exchange stocks are now just over 300,000 tonnes, less than half COMEX inventories, which have climbed to a record 695,624 tonnes.

Near-term price direction will largely depend on upcoming U.S. economic signals. Market participants are watching details of a U.S. Treasury bond buyback expected Wednesday and August Consumer Price Index data due Friday. A stronger dollar following the CPI release could trigger profit-taking by making dollar-denominated copper more expensive for overseas investors.

However, the upside remains intact if copper sustains levels above $14,400 per tonne. Morgan Stanley’s fourth-quarter forecast of $14,250 could also be exceeded depending on the timing and outcome of U.S. tariff decisions.

Looking ahead, the outlook remains more cautious for 2027, as tariffs could weaken U.S. import demand. For now, continued tariff uncertainty and strong speculative flows are keeping copper prices elevated.

Copper remains bullish above $14,400, with tariff uncertainty, inventory shifts and speculative buying creating scope for a move toward $15,000.

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