- Florence Lo/ReutersCopper prices climbed to a record high, soaring above $13,000 a metric ton for the first time driven by concerns over tightening supply and tariff uncertainty in the U.S. In afternoon European trade on Tuesday, futures on the London Metal Exchange rose 0.6% to $13,172 a ton after reaching a high of $13,387.50 earlier in the session. The U.S. Secretary of Commerce is due to provide an update by June 30 that will determine whether the administration moves ahead with a universal duty on refined copper of 15% in 2027 and 30% in 2028. “The downside risk to copper is a reversal of flows to the U.S. if the refined metal is again exempt from tariffs, which could push inventory into global markets,” analysts at ING said. At the same time, a strike at Chile’s Mantoverde mine has intensified supply concerns as low inventories across major exchanges leave little room to absorb further disruptions.

Source: Wall Street Journal January 06, 2026 14:37 UTC