Copper prices rose to $14,343 per metric ton on the London Metal Exchange, approaching the record $14,527.50, after orders to withdraw 65,400 tons from LME warehouses. Analysts say the rally reflects a shortage 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 decide on a 15% tariff from January 1, 2027, rising to 30% from 2028. CRU and Macquarie warn that tariffs could make copper prices surge, while Glencore CEO Gary Nagle says greater clarity on tariffs could instead cause prices to fall. Bank of China International’s Amelia Fu said low stocks, mine disruption and an outage at Indonesia’s Gresik smelter could drive new record highs in coming weeks or months.