Copper Prices Near Record Highs Amid Chinese Inventory Drop

Copper prices are nearing record highs following a sharp decline in Chinese inventories. Three-month futures on the London Metal Exchange rose 0.7% to $14,763 a ton, approaching the September 10 record of $14,875.

Data from the Shanghai Metals Market shows that inventories in China have dropped to 43,900 tons, the lowest level since 2023. This surge follows a period of volatility driven by uncertainty over potential United States import tariffs, which caused record inflows into U.S. warehouses and reduced availability in other global markets.

Demand for the metal remains high due to its necessity for artificial intelligence infrastructure and power grid expansions. Copper has increased 18% this year and 70% since April 2025, while deteriorating conditions at global mining operations continue to pressure supply.