Copper Prices Surpass $14,000 as US Imports Hit Record Highs

Key Facts

Amid growing concerns over global supply sustainability, copper markets are experiencing strong upward momentum that pushed prices above $14,000 per ton in August. US copper imports from the seaborne market reached a record 200,000 tons in July, as buyers rushed to secure supplies ahead of potential import tariffs. This price action is driven by a combination of pre-emptive demand and worsening physical market tightness globally.

On the supply side, Antofagasta cut its production guidance due to severe weather conditions in Chile, further exacerbating the stress in the copper concentrate market. According to market data, Antofagasta (ANFGF) shares closed at $52.07 on September 3, 2026, after reaching a day high of $54.41. These figures reflect the operational pressures facing major miners in Chile, the world's largest copper producer, amid deteriorating mine output rates.

Traders should monitor current copper price levels as they approach record highs, with a focus on ANFGF which stood at $52.07 (close September 3, 2026). Looking at the economic calendar, while there are no direct mining sector events scheduled, upcoming Manufacturing PMI data from China and the US will be critical in determining the future demand trajectory for base metals.