Copper hits record high at 14,858 dollars per tonne
LME three-month contracts rose to 14,858.50 US dollars, marking a third consecutive daily record high.
The three-month copper contract on the London Metal Exchange rose to 14,858.50 US dollars a tonne. This figure exceeds the previous record of 14,779 US dollars set on the prior trading day. The price gain represents a 2 percent increase in a single session.
Comex copper futures in New York also reached a peak of 6.894 US dollars per pound. Both benchmarks hit their highest levels on record simultaneously. The rally continues despite broader market volatility.
Mine output drops in first half
Global copper mine production fell by 1.1 percent in the first half of 2026. Preliminary data from the International Copper Study Group confirms this decline. Output dropped sharply across several major producing nations.
Industry analysts warn of a potential annual production decline. This would mark the first drop in total output since 2017. Recovery in the second half of the year is required to prevent this outcome.
US tariffs distort global flows
Traders are moving large volumes of refined metal to the United States. This action anticipates potential import tariffs. The Commerce Department missed its deadline to submit a recommendation to the White House.
The physical market outside the US is tightening as a result. Less metal remains available for LME delivery. This scarcity adds direct pressure to spot prices.
Demand outpaces available supply
Copper prices have gained nearly 20 percent this year. The International Copper Study Group reports a widening market deficit. Mine supply struggles to keep pace with rising consumption.
Electrification and renewable energy projects drive increased demand. Data centres also contribute to higher consumption rates. The supply gap continues to expand according to GN auto markets/commodities: copper prices data.
