Copper Price Hits New All-Time High as $6.85 Becomes the Next Target
The copper price set a fresh all-time high this week, with the Comex September contract touching $6.7045 per pound on Tuesday. The metal trades near $6.72 on Wednesday, up roughly 17% in 2026 and more than 50% in the past 12 months.
A long-overdue US tariff ruling and a deepening supply squeeze outside America are fueling the advance. The daily chart now points to $6.85 as the next upside target.
Tariff Front-Running Pulls Record Copper Volumes Into the US
More than 200,000 tonnes of copper arrived at US ports in July, according to Bloomberg calculations based on customs data. That marks the largest monthly inflow since records began in 2014.
Traders keep shipping metal into the US because President Trump's decision on refined copper import tariffs remains pending. Commerce Secretary Howard Lutnick's June 30 deadline passed more than a month ago. The proposal on the table starts at 15% in January 2027 and rises to 30% a year later.
The waiting game has made hoarding profitable. New York copper traded about $640 per tonne above London on Tuesday, nearly double July's average premium of $350. Combined Comex and LME inventories exceed 740,000 tonnes, while US ports hold another 110,860 tonnes in private storage.
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