Copper on the London Metal Exchange rose to $14,343 per metric ton, near its record high of $14,527.50, after orders to withdraw 65,400 tons from LME warehouses. Analysts said the rally reflects tightening availability outside the United States rather than a global deficit, as traders move metal into COMEX warehouses ahead of a potential U.S. tariff on refined copper from 2027. COMEX inventories have risen for 46 consecutive days to a record 675,185 metric tons, while CRU had projected a 639,000-ton global surplus for 2026. The United States imported almost 885,000 tons of refined copper cathodes in the first half of 2026 and a record 1.64 million tons in 2025. President Donald Trump could impose a 15% tariff from January 1, 2027, rising to 30% from 2028. CRU and Macquarie warned tariffs could cause prices to surge, while Glencore CEO Gary Nagle said greater clarity could instead trigger a decline. Bank of China International’s Amelia Fu cited low stocks, mine disruptions and an outage at Indonesia’s Gresik smelter as possible drivers of further records. Copper’s broader outlook remains supported by constrained mine development and long-term energy-transition demand, while investors are also watching Federal Reserve Chair Kevin Warsh’s Friday speech at the Jackson Hole Economic Symposium and this week’s U.S. Personal Consumption Expenditures price index. Citi reiterated its $15,000 year-end copper target and recommended buying on dips after positioning cools.