$COPPER The copper price has already surged to a record high. LME copper rose to $14,533 per metric ton, up 47% over the past 12 months. Demand from data centers, renewable energy, and power grids is increasing, and coupled with tight supply, copper inventories are becoming more concentrated in the United States, with LME stocks being steadily drained. At the same time, expectations that Trump may expand refined copper tariffs could further push U.S. copper prices above the global market.