Copper Hits Record High of $14,617 as Tariffs and Supply Collide

Copper prices just shattered records on the London Metal Exchange, climbing to $14,617 a ton. This rally marks the fourth straight session of gains as traders position themselves ahead of expected US tariffs on refined metal. Copper has now jumped about 17 percent this year, fueled by tight supply and strong industrial demand.

Washington policy plays a big role in the current price action. The White House delayed a key Commerce Department report regarding a possible 50 percent tariff on refined copper, leaving traders guessing. Merchants have rushed to ship hundreds of thousands of tons to the US to catch higher local prices, which has squeezed supplies everywhere else.

Beyond trade policy, the market is dealing with fundamental supply issues. Major mines are getting older, and production simply cannot keep up with the heavy demands of new data centers and renewable energy projects. Analyst Jim Bianco points out that copper is up more than 68 percent since April 2025, showing that strong long term demand started long before recent tariff speculation.

Meanwhile, gold prices are seeing mixed action, trading near $4,405 an ounce and sitting below its January record. Some analysts view this shift as money moving out of safe havens and into industrial metals. Traders will keep a close eye on Washington to see when the tariff decision finally drops.