LME copper price hits record high of $14,533 per ton

Summary

LME copper prices hit record highs, touching $14,858.50/ton, driven by AI demand, a 19-year low in Chilean production, and inventory shifts to the US ahead of anticipated tariff changes Zhitong. While global stocks remain high, LME inventories have plunged 51% as metal flows toward COMEX warehouses Zhitong.

Impact Analysis

So, copper just smashed through $14.5k, and it feels like a classic squeeze meeting a structural supply wall. Management at firms like Zijin and CMOC are seeing the ‘structural deficit’ narrative finally manifest in the tape Zhitong. But let’s look under the hood: this isn’t just AI driving it. A huge chunk of this move is pure tariff front-running—traders are moving metal into US warehouses before the gates shut, explaining why LME stocks are cratering while COMEX is at record highs Zhitong. The real signal is Chile; when the top producer hits a 19-year low, the supply constraint is undeniable Zhitong. We’re likely testing $15k shortly Zhitong. However, I’d be wary of 2027—if these tariffs actually land, they’ll eventually choke off the demand we’re betting on. For now, stay long the low-cost miners, but watch that copper-to-nickel ratio; copper becoming the ‘new nickel’ in scarcity is a massive regime shift Zhitong.