Copper prices hit two-week high

Global copper supply tightness, shifting flows from possible U.S. tariffs, and plunging Chinese stocks pushed prices to a two-week high, leaving copper less than 3% below its record.

Scraper SystemAugust 03, 2026, 11:57 PM

Global copper prices rose to a two-week high, driven by shipments headed to U.S. warehouses and depleting Chinese inventories. Supply tightness pushed the metal’s distance from its all-time record below 3 percent.

On Monday, copper futures approached $6.50 per pound, hitting a two-week high. The metal gained about 1 percent on the day, pushing its one-month gain above 5 percent and its year-to-date rise above 46 percent. Three-month copper contracts on the London Metal Exchange traded around $13,800 per ton.

Copper hit an all-time high of $6.67 per pound in June. The gap between current prices and that record has now narrowed to below 3 percent. The market’s move shows that pricing is not solely driven by expectations about China’s economy.

A major source of supply pressure is in the United States. Uncertainty over possible U.S. tariffs on refined copper imports has redirected a significant share of global shipments to American warehouses. U.S. refined copper imports jumped 80 percent in 2025 to 1.64 million tons. In the first five months of 2026, imports rose 13 percent from the same period a year earlier. U.S. warehouses now hold about 58 percent of global exchange-registered copper stocks.

In China, the world’s biggest copper consumer, stocks have fallen sharply in recent months. According to Shanghai Futures Exchange data, inventories peaked above 433,000 tons in March and dropped below 70,000 tons by the end of July. That roughly 84 percent decline reflects a marked tightening of domestic supply. The Yangshan premium, which China pays for imported copper, rose from $59 per ton to $115 in June, hitting a four-year high.

The shift of shipments to the U.S. and China’s renewed focus on imports have also drawn down stocks in LME warehouses. LME inventories, which exceeded 400,000 tons in May, fell below 250,000 tons by the end of July. Because a large portion of those stocks is earmarked for delivery, the amount of copper immediately available in the market is well below the headline figures.

While the supply picture remains strong, demand-side risks persist. China’s private-sector manufacturing index recorded its slowest growth in four months in July. The slowdown in output and new orders is weighing on near-term demand expectations for industrial metals.

Artificial intelligence investments are playing an increasingly important role in copper’s long-term outlook. High-capacity data centers consume large amounts of copper for cabling, transformers, cooling systems, and electrical infrastructure. Besides the growth in electric vehicle production, renewable power plants and energy storage projects are also among the main drivers of metal demand.

For copper to break above the $6.67 record, supply tightness will need to outweigh the demand slowdown. In the short term, markets are focused on the U.S. tariff decision, Chinese inventory trends, and manufacturing data.

Copper prices hit two-week high

Global copper supply tightness, shifting flows from possible U.S. tariffs, and plunging Chinese stocks pushed prices to a two-week high, leaving copper less than 3% below its record.