Copper Hits All-Time High as US Manufacturers Hoard Supply Ahead of Proposed 15% Tariffs

Copper prices reached an all-time intraday high of $14,527.50 per metric ton on the London Metal Exchange. The price spike is heavily driven by an ongoing Section 232 investigation, with unconfirmed proposals circulating for a 15% US import tariff starting in January 2027. Anticipating the policy change, US manufacturers accelerated purchases, pulling in a record 225,094 metric tons of refined copper in July 2026 alone. This aggressive front-loading created a bifurcated global market, swelling US Comex inventories to over 695,000 short tons while LME and Shanghai futures stocks dropped sharply below 250,000 tons. Prolonged mine disruptions in Chile and Indonesia are removing critical supply from the market at the exact moment electrification and infrastructure demand accelerates.