Copper prices shattered records on Monday as London Metal Exchange trading saw the red metal hit an all-time high of $14,533 per metric ton. The rally broke the previous record of $14,527.50 set in January, driven by mounting supply concerns outside the United States and a weakening dollar. Copper is now up sharply in 2026 as global industrial demand stays robust.
New Record Breaches January Peak
LME copper touched $14,533 per metric ton during Monday’s session before settling slightly lower. The metal traded around $14,518, still up 0.7% for the day. The previous record of $14,527.50 per ton from January has now been overtaken. A weaker dollar supported the rally by making dollar-priced metals cheaper for holders of other currencies.
US Stockpiles Swell on Tariff Fears
COMEX warehouses in the US now hold about 766,795 short tons or roughly 696,000 metric tons of copper. This record inventory level stems from traders rushing shipments to America fearing potential US import tariffs. Analysts expect high prices and metal flows toward the US to continue as tariff uncertainty persists. The situation creates a stark divide between American and global copper markets.
Global Supply Tightens Outside America
Outside the US, copper availability is shrinking fast. LME cancelled warrants have hit 51%, meaning over 121,000 tons could exit the exchange system in coming weeks. Shanghai Futures Exchange stockpiles have crashed 85% since mid-March to just 63,000 tons, the lowest since January 2024. China, the world’s biggest copper consumer, faces tightening supply as its domestic inventories drain rapidly.
Base Metals Show Mixed Moves
Other base metals followed copper’s lead. Zinc rose 1.1% to $3,988 per ton. Aluminum gained 0.7% to $3,315 per ton. Tin added 0.4% to $55,100 per ton. However, nickel fell 0.7% to $16,725 and lead dropped 0.3% to $1,903 per ton. The widening gap between swelling US stockpiles and dwindling global supply could keep copper prices elevated for the near term.
