By Julian Luk and Eddie Spence | Updated on Oct 07, 2026 at 01:18 PM
Copper steadied near historic highs, with analysts weighing the outlook for tariff-driven flows to the US that have underpinned the metal’s rally.
Benchmark prices on the London Metal Exchange surged to a record last month, as expectations the Trump administration may impose import duties on refined copper attracted ships loaded with metal to American shores, tightening supplies elsewhere. But Washington has taken longer than expected to make a decision, and a premium on Comex futures has narrowed.
“We are more neutral on LME copper given its recent catch-up to Comex. Any slowdown in US stockpiling could make the market feel looser,” said Morgan Stanley analyst Amy Gower. Still, “China’s demand has been resilient and supply is facing significant disruptions,” she added.
The bank currently sees copper prices at $14,800 a ton in the fourth quarter, near the $14,875 peak reached on Sept. 10. Futures were flat at $ 14,414 a ton on the London Metal Exchange as of 1:18 p.m. local time.
In top producer Chile, labor tensions are rising. Workers at Antofagasta Plc’s Centinela mine decided to go on strike after annual wage talks stalled. Supervisors at BHP Group’s Escondida mine, the world’s biggest, have also voted for a walkout and are in government-mediated talks with the company.
Meanwhile, traders are waiting for the re-opening of markets in China on Thursday for the next cues on direction, following a weeklong holiday in the world’s top metal consumer.
Among other industrial metals, aluminum was down 0.7% and zinc inched 0.5% lower. Nickel and and lead rose, while tin was flat.