Copper rose to a new record high on the London Metal Exchange amid continuing concerns about tightening supplies, with uncertainty over tariff and storage policy adding to pressure on available metal. Prices touched $13,000 per ton for the first time during trading on Monday, according to ING commodities experts Ewa Manthey and Warren Patterson.
Tariff and storage risks push copper to $13,000
“Copper’s rise continues to be driven by mine supply disruptions and distortions in trade flows amid US President Trump’s tariffs. Copper rose 42% in 2025 in its best year since 2009, making it the best-performing of the six industrial metals on the LME.”
“The risk of re-imposition of tariffs, with a potential 15% tariff increase under review in June 2026, continues to support arbitrage trading, as traders ramp up shipments of the metal to the US in recent weeks. Until there is clarity on the tariff front, tariff risks will keep previous US supply tight and global prices higher. The downside risk for copper is a reversal in flows to the US if the refined metal is exempt again Other tariffs, which could push inventory to global markets.”
“Meanwhile, the start of a strike at Chile’s Mantoverde mine has heightened concerns about copper supplies. Declining inventories across major exchanges leave little room to absorb further supply shocks. At current rates, the Mantoverde mine represents about 0.5% of copper mined globally. The three-month cash spread in London remains in the lag, indicating near-term tightness.”
