Build-up of US copper stocks leading to apparent market tightness Copper prices have hit record high after record high in 2026, and are approaching USD 15,000/t as of 10 September.
Copper prices are approaching USD 15,000/t despite a broad surplus, because large flows into the US make the market feel tighter than it is. Benchmark assesses that 800kt of the 994kt global visible inventory is in the US. The market's direction depends on the next US tariff update, which could reverse the artificial deficit.
Why it matters: This matters for the briefing's theme of trade policy, as the next US tariff update could turn the artificial deficit into an artificial loosening.