Three-month copper on the London Metal Exchange rose to $14,533 a tonne, surpassing January's previous high. Tight inventories outside the United States, metal flows toward the US and expectations of broader tariffs on refined-metal imports supported the near-term move, while aging mines and demand from data centers, grids and renewable energy underpin the longer advance.
Three-month copper on the London Metal Exchange rose as much as 0.8% on September 7 to an all-time high of $14,533 a tonne, clearing the previous peak set in January. Reuters reported that the price had eased to $14,518 by 15.15 GMT. InvestingLive also reported trading above $14,530; the metal was up 16.6% from its 2025 close of $12,466 and 69.2% from an April 2025 low of $8,590.[2], [3], [1]
Reuters reported that Comex inventories had reached a record 695,624 metric tonnes while Shanghai Futures Exchange stocks had fallen 85% since mid-March to 63,000 tonnes. Cancelled LME warrants indicated that more than 121,000 tonnes could leave that system in the following weeks. Bloomberg said shipments of copper to the United States had distorted near-term flows while traders awaited a decision on possible US tariffs on refined-metal imports. Tight supply outside the US and a softer dollar also supported the day's advance.[3], [2]
Bloomberg linked the longer advance to aging mines struggling to meet demand from data centers, renewable energy projects and power grids. InvestingLive also listed electrification, higher defense spending, long development times for new mines and declining ore grades among the pressures on the market. Its report described momentum buying and short covering as accelerants, while tariff uncertainty was said to be prompting traders to reposition inventories.[2], [1]
