LME Copper Hits Record High as Global Inventories Shift Toward the U.S.
📈 Three-month LME copper touched $14,533 per ton during the September 7 session, surpassing the previous record of $14,527.50 set in January. Bloomberg reported the new high on the evening of September 7 WIB, a few hours after prices had already reached the level.
📦 The short-term rally has been driven mainly by large volumes of copper being pulled into the U.S. ahead of possible tariffs on refined copper. Comex inventories have climbed to a record high, while available supply on the LME and in China has tightened.
⛏️ Supply fundamentals are also supportive, with global mine output down 1.1% in the first half of 2026. However, ICSG still estimates a refined copper surplus of about 131,000 tons, suggesting the rally reflects an imbalance in where inventories are held rather than an outright global shortage.
⚠️ In the near term, copper is likely to remain highly sensitive to U.S. tariff decisions, inflation data, and signals from the Fed.
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