Copper stays range-bound as US tariff uncertainty weighs on trade
LME copper barely moved as investors await a White House decision on refined metal tariffs and watch record Comex stocks.
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what happened
Copper prices were roughly flat on Tuesday, holding in a tight range for a third straight session. Traders are cautious amid uncertainty over possible US import tariffs and worries about inflation from higher oil prices. Three-month copper on the London Metal Exchange rose 0.1% to $14,353 a metric ton.
Panmure Liberum analyst Tom Price said copper has gained 55% since Donald Trump returned to the US presidency in January 2025, even though global demand fell 0.5% to 27 million metric tons. Goldman Sachs said a shortage of copper scrap in China and US stockpiling ahead of possible tariffs are supporting prices. Comex copper inventories hit a record 718,199 metric tons.
BHP Group and Anglo American reported quarterly copper output declines of 19% and 5% due to disruptions in Chile, but both kept their full-year guidance.
why it matters
Two factors matter most for markets: the White House decision on refined copper tariffs and the Yangshan premium, which reached its highest level in almost four years and reflects Chinese demand for imports. Record US warehouse stocks could cap price gains if tariffs are not imposed.
market impact
Copper and miners: US tariff decisions and Chinese demand set the direction for metal prices
tags
instruments
sources
- Uncertainty over US tariffs keeps copper trading in a tight range — Reuters, 20 October 2026 at 10:08 UTC
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