Copper may reach unprecedented levels as U.S. hoarding persists.

Copper Price Surge: Copper prices have reached record highs due to supply disruptions and increased demand driven by U.S. tariff fears, with projections suggesting prices could hit $13,000 per ton by early 2026 and even $15,000 by mid-2024.

Supply Constraints: Analysts predict a significant copper deficit due to constrained mine supply and increased hoarding in the U.S., with inventory levels on the London Metal Exchange dropping nearly 40% since the start of the year.

Impact of Tariffs: Concerns over potential U.S. tariffs on refined copper imports have intensified market tightness, leading to a surge in refined copper inflows into the U.S. and creating arbitrage opportunities for traders.

Production Downgrades: Major mining companies have downgraded their copper output forecasts for 2026, citing persistent mine disruptions, with expectations of peak prices and market tightness in the first half of 2026.