Copper's Record Run Is a Policy Bet, Not a Demand Story
Copper's at a record near $14,800/t on a tariff bet, not on demand, which the same reporting calls subdued. A delay or exemption on the proposed US duty unwinds the positioning fast, and record COMEX stock becomes an overhang instead of a scarcity signal.
Published Sep 9, 2026. Positioning may have changed.
Bearish bias, caution into Trump's ruling on refined copper tariffs. LME three-month futures are near a record $14,800/t, but the move is almost entirely positioning, not consumption. COMEX inventories are at record levels while London tightens, that's metal being relocated ahead of a proposed duty, not metal being used. A delay or exemption unwinds this fast. No confirmed date on the ruling yet, so this is a watch-and-trim setup, not a fresh short.
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