NEW YORK, August 25, 2026, 19:22 EDT – Copper reached a record $6.71 as U.S. tariffs caused 675,185 tons to remain in domestic warehouses.
- COMEX copper closed at $6.7115 per pound on Tuesday, gaining 1.61%.
- COMEX stockpiles hit an all-time high of 675,185 metric tons following 46 consecutive daily rises.
- U.S. refined copper imports totaled nearly 885,000 tons in the first half, up 3%.
Copper finished trading at an all-time high of $6.7115 per pound in New York on Tuesday. The metal advanced 1.61%, reflecting more than just an increase in demand. The market factored in an escalating scarcity premium for supplies not stored in U.S. warehouses.
The unusual aspect concerns the copper’s location. Ahead of potential 2027 tariffs, traders have been directing refined metal to the United States. Current COMEX inventories are now above a well-known forecast for the total global surplus in 2026.
This means the record price is partly driven by location. Although overall copper supplies are still ample, metal that could be subject to future tariffs might not be accessible to buyers in other regions.
| Market or exposure | August 25 reading | Daily move | Investor signal |
|---|---|---|---|
| COMEX copper futures | $6.7115/lb; 40,770 contracts | +1.61% | All-time U.S. settlement |
| LME three-month copper | $14,343/metric ton high | Close to January peak | Limited supply outside U.S. |
| United States Copper Index Fund (NYSEARCA:CPER) | $40.68; 426,978 shares at 14:37 EDT | +1.52% | Tracks copper futures performance |
| Global X Copper Miners ETF (NYSEARCA:COPX) | $95.98; 1.62 million shares at 14:52 EDT | +1.53% | Exposure to mining stock gains |
Three-month copper on the London Metal Exchange reached $14,343 a metric ton, marking a 1.3% decline from the January high of $14,527.50. Requests for 65,400 tons to be withdrawn from LME warehouses have tightened available supply.
COMEX inventories increased for the 46th consecutive day, reaching 675,185 tons. CRU had earlier estimated a global surplus of 639,000 tons for 2026. If stocks intended for the U.S. become unavailable, the accessible market could appear balanced or in deficit.
Import figures highlight the extent of the draw. The United States imported nearly 885,000 tons in the first half, marking a 3% increase from 2025 and exceeding double the volume recorded in 2024.
The impact extended to publicly traded assets. The United States Copper Index Fund (NYSEARCA:CPER) advanced 1.52% to $40.68. The ETF holds multiple copper-futures contracts instead of shares in mining companies.
Mining stocks provided a higher-beta option. Freeport-McMoRan Inc. NYSE:FCX was at $79.59, advancing 2.30% as of 15:42 EDT. The company’s market capitalization stood near $114.3 billion.
Shares of Southern Copper Corporation NYSE:SCCO ended up 2.54% at $219.70, trading close to the stock’s 52-week peak. The movement mirrors copper price trends as well as risks specific to producers.
The upcoming test is tangible rather than rhetorical. Ongoing warehouse deliveries would further increase the difference between U.S. supplies and those available overseas. A drop in imports would diminish part of the scarcity premium.
Risks: A definitive rejection of tariffs could swiftly unwind the warehouse-driven trade. Weaker demand from China might reveal an existing surplus. By contrast, mining interruptions or additional LME withdrawals could further constrain supply.
For investors, the crucial figure is not just worldwide copper output. The accessibility of copper is increasingly critical. Tuesday’s record highlights that where copper is found now influences its price.
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