Copper Hits Record High Amid US Tariff Risk and Mine Disruptions

Three-month copper on the London Metal Exchange reached a record $14,533 a tonne on 7 September, taking its 12-month gain to 47%. Shipments into the US ahead of a possible refined-copper tariff lifted New York inventories from 80,000 tonnes in February last year to 652,200 tonnes, while LME stocks declined and regional imbalances widened. Mine disruptions and lower ore grades in Chile are adding pressure, and global mined supply could post its first annual fall since 2017 if Chilean output does not recover in the second half.