Copper Hits $14,533 All-Time High: Why the World Is Scrambling for Supply

• The copper price has reached a record high, driven by stronger copper demand and tightening supply conditions
• US tariff expectations have encouraged traders to move copper into the country, reducing availability in other major markets
• The copper rally is also being supported by demand from AI infrastructure, power grids, renewable energy and electric vehicles

Copper has now surged to an all-time high of $14,533 per tonne, taking the markets by a sweet surprise. The metal has hit an ATH for three-month futures on the London Metal Exchange on September 7. Rising copper demand is one of the factors behind the metal hitting this new high, but there are many other factors that are impacting the current copper demand and rally. Why is the copper rising? How can they impact the copper price? Let’s explore in depth.

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Why is Copper Rising?

One of the most immediate reasons pertaining to the copper sudden price surge is expectations of wider US tariffs on refined copper imports. Traders have lately been moving the metal into the US to take advantage of its price. The US has imported nearly 885,000 tonnes of refined copper in the first half of 2026.

This movement has created an unusual inventory shift impacting copper prices. This trend has also tightened copper availability outside the US. The US COMEX stocks have climbed in the process, while copper available through other warehouses has become tighter.

The Rising Copper Demand As Another Catalyst

While the copper supply squeeze is adding more pressure to the metal, another reason impacting copper price is its rising demand. Copper demand has recently risen to new levels, as the metal is essential for many commercial industries. Copper is widely used in electricals, renewable energy infrastructure, vehicles and data centres, supporting higher prices.

“Copper just hit an all-time high on the London Metal Exchange, the world’s benchmark market for metals. It’s up 17% in the past year alone, driven by expectations that Trump will expand tariffs on refined copper imports. Copper powers everything from smartphones to EVs, and supply just isn’t keeping up with demand.”

Moreover, expanding copper usage is also weighing on copper supply and its mining. New copper mines can take many years to develop, making it difficult for producers to quickly respond to rising demand.

In addition to this, Chile’s copper shipments have also fallen to their lowest levels in more than a year in August. A combination of such factors has weighed on copper prices, pushing them higher in the process.

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What Comes Next For Copper?

Two major forces are currently supporting the current copper rally. Firstly, tariff expectations are encouraging traders to secure available metal ahead of potential tariffs. The rising case of AI, electricals and power infrastructure is also supporting copper’s growing demand.

This combination has led the copper price to hit record highs. However, that does not necessarily mean prices will continue rising at the same pace. Higher prices could encourage miners to increase production over time, while weaker economic activity or a slowdown in demand could also put pressure on prices.

For now, the key question is whether strong copper demand can continue to outpace available copper supply. That balance will likely remain one of the biggest factors determining where prices go next.

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