New Delhi, September 8, 2026 (Yes Punjab News)
Copper prices climbed to a record high above $14,500 per tonne on the London Metal Exchange (LME), driven by expectations that the United States could impose wider tariffs on refined copper. The tariff concerns have prompted traders to divert supplies towards the US, tightening availability in other markets.
Benchmark three-month copper futures rose as much as 0.8 per cent to $14,533 per metric tonne, surpassing the previous record of $14,527.50 set in January. The metal has gained around 17 per cent so far this year and 47 per cent over the past 12 months.
Copper also advanced sharply in the domestic market. September copper futures on the Multi Commodity Exchange (MCX) rose as much as 1.21 per cent, or Rs 16.80, to an intraday high of Rs 1,403.50 by 10:30 am.
The broader rally reflects a persistent supply-demand imbalance, with ageing copper mines struggling to keep pace with rising consumption from data centres, renewable energy projects and electricity grids. However, the latest price surge has been driven primarily by tariff-related trade flows rather than a sudden jump in end-user demand.
The US Commerce Department was expected to advise the White House on whether tariffs should be imposed on refined copper. However, more than two months after the June 30 deadline, no final decision has been disclosed.
Although global copper inventories remain relatively high, stocks have become increasingly concentrated in the United States, reducing the amount of metal available through the LME warehouse network.
Spot copper is also trading at a premium to three-month futures, a market structure known as backwardation, indicating tightness in near-term supply.
At the same time, global copper mine output declined by nearly 1 per cent in the first half of 2026, while concentrate production fell 2.6 per cent, according to reports.
The rally has also lifted copper-related stocks in India. Shares of state-owned Hindustan Copper Ltd surged more than 5 per cent on Tuesday, touching an intraday high of Rs 537.35 on the BSE.
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