09/02/2026
Copper prices are approaching record territory as uncertainty over potential U.S. tariffs on refined copper reshapes global inventories and adds another layer of pricing and supply-chain risk for PHCP-PVF businesses. Reuters reported on August 25 that three-month copper futures on the London Metal Exchange recently reached $14,343 per metric ton, putting prices within striking distance of the all-time high of $14,527.50 per metric ton. The rally is occurring even as the broader global copper market remains adequately supplied, highlighting how trade policy and the geographic location of available inventory are increasingly influencing prices.
The key distinction for the current market, however, is refined copper. Despite the Section 232 tariffs already affecting many copper products, refined copper, including cathodes, was excluded from the original tariff action. Instead, the Commerce Department recommended a phased universal tariff of 15% beginning Jan. 1, 2027 and 30% beginning Jan. 1, 2028. The July 2025 proclamation directed Commerce to provide an updated assessment of the domestic copper market by June 30, 2026 before the president determined whether those tariffs should be imposed. Full update here: https://www.asa.net/News-Media/News/copper-nears-record-high-as-tariff-uncertainty-adds-new-supply-chain-pressure