Shanghai Metals Market said a softer U.S. dollar and improved risk appetite helped lift London copper, while scarce spot cargoes in China and unresolved U.S. tariff plans framed the broader market.
Copper on the London Metal Exchange finished the overnight session at $14,456 per metric ton, a 0.58% gain, SMM said in its Oct. 21 briefing. Its reported trading range was $14,333 to $14,475 per metric ton.
In China, SMM reported that available spot copper cargoes were scarce. Its average Yangshan copper warrant premium reached $138 per metric ton on Oct. 20, up $1 from the previous trading day. A separate SMM survey found little inventory among scrap copper traders, who were reluctant to accept lower prices even as transactions remained limited.
Reuters reported Oct. 14 that tariff expectations had encouraged copper shipments to the United States, putting total U.S. stockpiles above 1 million metric tons. The outlet said that concentration reduced availability in other markets, although the incentive to keep shipping copper to the United States had weakened. EconoTimes previously covered the U.S. stockpile buildup.
Under tariffs revised in April 2026, most covered copper articles face a 50% duty, while certain covered copper articles face 25%, subject to exceptions. Refined copper is subject to a later determination under a White House proclamation. The proposed rates are 15% from Jan. 1, 2027, and 30% from Jan. 1, 2028; neither has been imposed.
Recent production figures added supply context. BHP produced 400,700 metric tons of copper in the first quarter of fiscal 2027, 19% less than a year earlier. Anglo American reported 174,900 metric tons for the third quarter of 2026, a 5% decline. Both companies retained their annual production guidance. BHP said stronger copper prices had helped earnings, while Anglo American cited volatile energy costs as a business pressure.
The U.S. Energy Information Administration forecasts Brent crude will average $105 a barrel in the fourth quarter of 2026, $14 above its previous monthly forecast. Its next oil outlook is scheduled for Nov. 10. The White House has announced no date for a decision on refined-copper tariffs.
