Copper Prices Hit Record High, Supply Concentrated in the U.S.

International copper prices have reached an all-time high. With the possibility of President Trump imposing tariffs on refined copper imported into the U.S., copper supplies are being directed towards the U.S. On the 7th, the price of three-month copper on the London Metal Exchange (LME) rose by 0.8% during trading, reaching $14,533 per ton, surpassing the previous high from January. Copper prices have increased by 17% this year and have risen by 47% over the past year. Concerns about supply shortages are growing due to increased demand from data centers and power grids, as well as production disruptions at major mines. Due to the potential for tariffs from President Trump, global copper supplies are shifting to the U.S., where prices on the New York Mercantile Exchange (COMEX) remain relatively high. Consequently, LME inventories are decreasing, and supply shortages are appearing in certain regions. Chile's copper exports in August recorded their lowest level in over a year, despite the surge in prices. Long-term supply uncertainties, along with increased demand from AI data centers and electric vehicles, are supporting copper prices. However, the rise in prices may also lead to a reduction in copper usage by manufacturers.

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