London, September 24, 2026: Copper prices pulled back from near-record levels as investors booked profits following a strong rally, while a firmer U.S. dollar added pressure to the dollar-denominated metal.
Benchmark three-month copper on the London Metal Exchange (LME) fell to around $14,606.50 a tonne, after earlier touching $14,833. The metal had reached a record $14,875 a tonne on September 10. On the Comex, copper had climbed to a record $6.83 per pound, equivalent to about $15,057 a tonne, before retreating.
Stronger Dollar Pressures Copper
The U.S. dollar strengthened to a two-month high amid expectations that interest rates could remain higher, making commodities priced in dollars more expensive for buyers using other currencies. This contributed to selling pressure across industrial metals.
Profit-taking also emerged after copper’s sharp advance. LME copper has risen about 18% so far in 2026, according to Reuters, leaving investors with an incentive to lock in gains after the metal approached record territory.
Supply Concerns Continue to Support Prices
Despite the pullback, the broader copper market remains supported by concerns over supply. Around half of the copper held in LME-registered warehouses has been earmarked for delivery, while the LME cash contract recently moved into a premium over the three-month contract—an indication that buyers are willing to pay more for prompt supplies.
The market is also watching developments at major mines and potential U.S. copper tariffs. Recent uncertainty over U.S. tariff policy has contributed to shifts in copper flows and inventories, while China’s demand remains an important factor for the global market.
The latest decline therefore comes after a powerful rally rather than signaling a complete reversal in the copper market. Traders are closely watching the dollar, global inventories, mine supply and physical demand for further direction.