Copper Continues Its Surge, Soaring Past $13,000 Per Ton

Copper Hits All-Time High Amid Supply Worries

Copper prices have reached unprecedented levels, surpassing $13,000 per metric ton for the first time as market participants react to tightening global supply and uncertainty over potential U.S. tariffs.

During Tuesday afternoon trading in Europe, copper futures on the London Metal Exchange increased by 0.6% to $13,172 per ton, after peaking at $13,387.50 earlier in the session. Last year, copper prices soared by 42%, marking the largest annual increase since 2009.

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The recent rally in copper has been fueled by a combination of mine interruptions and significant stockpiling in the United States, as traders brace for the possibility that the Trump administration may introduce tariffs on refined copper imports later this year.

The U.S. Secretary of Commerce is expected to announce a decision by June 30, which could pave the way for a blanket tariff on refined copper—potentially 15% in 2027 and 30% in 2028. The anticipation of these measures has led to a surge in copper shipments to the U.S., tightening supplies in other regions.

Analysts at ING noted, “If refined copper is once again excluded from tariffs, there is a risk that shipments could be redirected away from the U.S., increasing inventories in global markets.”

Meanwhile, a strike at Chile’s Mantoverde mine has heightened concerns about supply, especially as inventories remain low across major exchanges, leaving little buffer for further disruptions.

The rally in both base and precious metals has also strengthened commodity-linked currencies. The South African rand climbed to its highest level against the U.S. dollar in three and a half years, while the Australian dollar approached a 15-month peak before easing back.

Mining stocks in London benefited as well: Antofagasta advanced by 0.9%, Hochschild Mining gained 1.5%, Glencore rose 0.8%, and Anglo American increased by 1%.

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