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Trump’s Proposed Copper Tariffs Push LME Prices to Record

9/8/2026

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Summary

Story summary

U.S. President Donald Trump’s proposed copper tariffs pushed LME prices to a record $14,533 per ton.
Copper futures rose 0.8% to the record, up 17% since January and 47% over 12 months.
LME spot prices trade at a steep premium to three-month futures, indicating backwardation.
Rio Tinto, BHP, Glencore and Zijin Mining posted sizable profit gains from copper units.

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Story summary

U.S. President Donald Trump’s proposed copper tariffs pushed LME prices to a record $14,533 per ton.
Copper futures rose 0.8% to the record, up 17% since January and 47% over 12 months.
LME spot prices trade at a steep premium to three-month futures, indicating backwardation.
Rio Tinto, BHP, Glencore and Zijin Mining posted sizable profit gains from copper units.