Copper Tops $14,000 a Tonne as U.S. Tariff Bets Drain LME Stocks

3 articles · Updated · Yahoo Finance · Aug 8

$14,000-plus copper is hovering near record highs as traders keep pricing in new U.S. import tariffs, extending a rally that has tightened supplies outside the United States.
U.S. buyers pulled in more than 200,000 tonnes in July—the biggest monthly inflow in at least 12 years—while COMEX inventories hit records as firms rushed to secure metal before any duties.
LME inventories have dropped to a five-month low, and the cash-to-three-month spread widened to about $120 a tonne from roughly $40 a week earlier, signaling acute near-term scarcity.
Mine supply growth remains limited, treatment charges stay depressed, and demand from electrification, grids and AI infrastructure still points to a 35,000-tonne refined copper deficit in 2026.
Any tariff outcome that is delayed, narrower than expected or excludes refined copper could unwind part of the premium, slow U.S. stockpiling and ease the squeeze in London.