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Copper hits record $14,858.50 a ton as tariff stockpiling and global supply crunch converge

9/9/2026

$14,858.50 per metric ton: London Metal Exchange copper hit a record at that price, with New York markets printing the same milestone simultaneously.

The double-venue record reflects a physical supply picture being squeezed from two directions: pre-tariff stockpiling that is pulling inventory forward, and a global supply crunch that was already in place before the accumulation wave began.

The stockpiling loop is straightforward. Buyers accelerating purchases ahead of anticipated U.S. tariffs reduce visible inventory, which tightens the physical market and encourages more pre-tariff buying.

That feedback sits on top of an underlying supply-demand imbalance that preceded the tariff conversation.