Copper Price Hits New All-Time High as $6.85 Becomes the Next Target
The copper value set a recent all-time high this week, with the Comex September contract touching $6.7045 per pound on Tuesday. The metallic trades close to $6.72 on Wednesday, up roughly 17% in 2026 and greater than 50% in the previous 12 months.
An extended-overdue US tariff ruling and a deepening provide squeeze outdoors America are fueling the advance. The day by day chart now factors to $6.85 as the subsequent upside goal.
Tariff Front-Running Pulls Record Copper Volumes Into the US
More than 200,000 tonnes of copper arrived at US ports in July, in accordance with Bloomberg calculations primarily based on customs information. That marks the largest month-to-month influx since information started in 2014.
Traders preserve delivery metallic into the US as a result of President Trump’s resolution on refined copper import tariffs stays pending. Commerce Secretary Howard Lutnick’s June 30 deadline handed greater than a month in the past. The proposal on the desk begins at 15% in January 2027 and rises to 30% a 12 months later.
The ready recreation has made hoarding worthwhile. New York copper traded about $640 per tonne above London on Tuesday, practically double July’s common premium of $350. Combined Comex and LME inventories exceed 740,000 tonnes, whereas US ports maintain one other 110,860 tonnes in non-public storage.
Michael Cuoco, head of metals at StoneX Financial, warned that the flows mirror coverage somewhat than consumption.
“The tariff arbitrage is ruling the roost over demand progress.”
History provides a caveat. In July 2025, a 50% tariff spared refined metallic, and Comex costs collapsed 20% in a single day. An analogous exemption now would hit the US premium arduous.
Global Supply Shock Tightens Copper Outside America
The arbitrage explains the US shopping for spree. However, it doesn’t clarify why London costs additionally sit close to information.
LME copper touched $14,050 per tonne this week, near January’s report of $14,500. Meanwhile, the money contract instructions a premium of greater than $100 over three-month metallic, the widest backwardation since January. Physical patrons are paying up for quick supply.
The squeeze begins with sulphuric acid. The Strait of Hormuz closure in late February lower round half of seaborne sulphur exports from the Gulf, in accordance with Kpler analysis. China then banned acid exports in April, and the two shocks collectively eliminated roughly 1 / 4 of worldwide provide.
That issues as a result of solvent extraction and electrowinning (SX-EW) produce greater than 15% of the world’s copper cathode and run on acid. Operations in Chile and the Democratic Republic of Congo reportedly maintain solely 30 to 60 days of stock.
Chile delivered one other blow. Codelco paused the growth of its El Teniente mine after detecting new seismic dangers, one 12 months after a lethal rock burst at the web site.
Banks have taken discover. Goldman Sachs lifted its end-2026 goal to $13,735 per tonne, whereas Citi sees $15,000 inside a 12 months. When copper set its previous record in June, the rally light inside days. This time, backwardation suggests the tightness is bodily somewhat than speculative.
Copper Price Prediction as Trendlines Converge Near $6.85
The day by day chart exhibits the copper value breaking out of the $6.60 resistance zone, which capped each rally in May and June. A profitable retest would verify that space as new help.
The largest help sits close to $6.00. That zone acted as resistance from January to May 2026 earlier than flipping. It additionally meets an exponential curve that has guided the uptrend since late 2025.
Buyers have defended that curve thrice (inexperienced arrows). They stepped in at the March 20 low of $5.34, close to $6.00 in early July, and round $6.25 in late July. Each check arrived at the next degree, an indication of an accelerating development.
Above the market, an ascending trendline connects the January, May, and June peaks (blue circles). Its projection provides the present goal of $6.85, roughly 2% above the spot value. The trendline and the curve converge close to that degree in September, establishing a transparent resolution level.
The day by day RSI has entered overbought territory close to 70. The indicator visited this area solely twice earlier than, in December 2025 and May 2026 (pink circles). Both visits preceded consolidation somewhat than a reversal, which frames overbought readings right here as development power. The transfer additionally suits the broader rotation of capital into commodities that BeInCrypto tracked in July, and it strengthens copper’s case in the mid-year metals outlook.
An in depth beneath $6.60 would delay the bullish setup, whereas a lack of $6.00 would invalidate it. The path to $6.85 now relies on whether or not actual shortage outlasts synthetic, tariff-driven demand.
The put up Copper Price Hits New All-Time High as $6.85 Becomes the Next Target appeared first on BeInCrypto.