Copper prices soar to record highs amid US-China tariff wars in 2026
Copper prices have hit record levels in early 2026, driven by shifting trade policies and market volatility. Recent tariff changes in the US and China, combined with seasonal demand fluctuations, have caused sharp price swings in recent weeks.
The US government reinstated tariffs on copper imports in late February 2026. On Friday, a 10 percent levy was imposed, followed by a 15 percent increase the next day—both valid for 150 days. These moves came after the Supreme Court struck down broader global tariffs introduced by former President Donald Trump in 2025.
Originally, refined copper products were set to face tariffs only from 2027 and 2028. Now, the US may accelerate these measures, further tightening supply. Meanwhile, China's tariffs on copper are expected to drop from 32 percent to 24 percent, potentially boosting demand.
Prices surged to an all-time high of $14,340 per tonne in late January 2026 before falling below $13,000. By February 24, the London Metal Exchange listed copper at $13,011 per tonne, while US markets saw prices exceed $6 per pound. Earlier peaks included $6.58, with lows ranging between $4.89 and $5.28.
The Lunar New Year holidays in China slowed trading activity, reducing short-term demand. However, restocking efforts, tariff concerns, and a weaker US dollar later pushed prices upward. China's economic slowdown in key industries has also added downward pressure, creating a volatile market.
Copper remains highly sensitive to trade policies and economic shifts. The latest tariff adjustments in the US and China, along with seasonal demand changes, will likely keep prices unstable in the coming months. Market watchers are now monitoring whether further US levies on refined copper will be introduced ahead of schedule.
