Copper Hits Fresh Record High With $6.85 Price Target

Copper is on a tear this week, hitting a record price of over $6.70 per pound. The metal is up 17 percent so far in 2026, driven by a scramble to move supply into the United States ahead of a pending tariff decision. Imports have surged to record levels as traders bet that new taxes on foreign copper could make domestic stockpiles significantly more valuable.

While US trade policy is driving short term hoarding, global supply issues are also squeezing the market. A major drop in sulphuric acid availability has hampered production in key regions like Chile and the Democratic Republic of Congo. Since this acid is critical for refining, the resulting shortage has pushed prices higher on the London Metal Exchange as well.

Technical analysts are now watching the $6.85 level as the next major upside target for the metal. Support remains firm near the $6.00 zone, which has held steady throughout recent market pullbacks. Investors are keeping a close eye on whether physical supply shortages will continue to fuel this rally or if the current momentum will cool off after the tariff news becomes official.