Copper climbs toward record on supply concerns – ING

FXStreetJan 13, 2026 11:42 AM

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Copper prices rose toward record levels as ongoing supply concerns coincide with strong US imports ahead of potential tariffs, keeping markets on edge, ING's commodity experts Ewa Manthey and Warren Patterson note.

US imports surge ahead of potential tariffs

"Copper rose toward a record amid ongoing concerns over supply, while the US continues to import record volumes ahead of any potential tariffs. Comex Copper inventories reached an all-time high after expanding for 42 straight weeks. But they remain below total warehouse capacity. This is keeping markets outside the US tight."

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