COMEX copper prices in New York hit a record high, and the US siphon effect continues to intensify.

Published: Aug 26, 2026 14:12

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On August 26, COMEX copper futures for September delivery once rose 1.8% to $6.7270/lb (about $14,830/mt), surpassing the previous record of $6.7140/lb set on August 12 and hitting a new all-time high. LME three-month copper futures rose to $14,437/mt, approaching the historical highest price of $14,527.5/mt set in January, with the COMEX-LME price spread at about $500/mt.

Market expectations that the US may impose a 15% tariff on copper cathode from January 2027 (rising to 30% from 2028) have been disrupting global copper trade flows. Data showed that the US imported 889,800 mt of copper cathode in H1 2026, up 2.1% YoY, while 2025 was the year with the highest imports on record at 1.6544 million mt for the full year. As of August 24, COMEX copper inventories had reached a record 676,104 mt. If US imports maintain their current growth rate, copper markets outside the US will actually face a supply deficit.

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