New York copper futures reached an unprecedented peak on August 26, with the September delivery contract on the COMEX exchange climbing as much as 1.8% to $6.7270 per pound (approximately $14,830 per metric ton). This surge surpassed the previous record of $6.7140 per pound set on August 12, marking a fresh historical high. Meanwhile, three-month copper futures on the London Metal Exchange (LME) advanced to $14,437 per metric ton, approaching the all-time peak of $14,527.5 per metric ton recorded in January, with the price gap between the two exchanges widening to roughly $500 per metric ton.

Market expectations that the United States could impose a 15% tariff on refined copper imports starting January 2027, potentially rising to 30% by 2028, continue to disrupt global copper trade flows. Data reveals that the US imported 889,800 metric tons of refined copper in the first half of 2026, representing a 2.1% year-on-year increase. Notably, 2025 stands as the highest import year on record, with total annual imports reaching 1.6544 million metric tons.

As of August 24, COMEX copper inventories had surged to a record-breaking 676,104 metric tons. Should US import volumes maintain their current growth trajectory, copper markets outside the United States would effectively face a supply deficit, intensifying the global market's structural imbalance.