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Tariff Hopes Spark Copper Record as Inventories Hit Lows

9/8/2026

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Summary

Story summary

Traders shipped hundreds of thousands of tons of refined copper to the United States to profit from potential tariffs.
U.S. tariff expectations lifted LME copper prices to a record $14,533 per ton.
LME copper inventories fell to critically low levels in August, triggering a sharp short squeeze.
Global mined copper output declined 1.1% in the first half of 2026, per the International Copper Study Group.

History

Historical Context

In March 2018 the United States under Donald Trump imposed a 25% steel and 10% aluminum tariff, triggering price spikes and WTO challenges. By 2025 the duties rose to 50% and a 50% copper tariff took effect on August 1, 2025. Expecting the 2026 regime, traders shipped hundreds of thousands of tons of refined copper to the U.S., pushing LME copper to $14,533 per ton.

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Story summary

Traders shipped hundreds of thousands of tons of refined copper to the United States to profit from potential tariffs.
U.S. tariff expectations lifted LME copper prices to a record $14,533 per ton.
LME copper inventories fell to critically low levels in August, triggering a sharp short squeeze.
Global mined copper output declined 1.1% in the first half of 2026, per the International Copper Study Group.

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