Copper Sets New All-Time Record of US$6.736/lb on the LME

Copper closed at US$6.736/lb (US$14,850/tonne) on the London Metal Exchange on August 17, a new all-time high and a 2.1% daily gain, extending a rally that has pushed the 2026 year-to-date average to roughly US$5.99/lb — nearly 40% above the same period in 2025. Analysts attributed the move to expectations of tariffs on refined cathodes and surging demand tied to AI infrastructure buildout, on top of already-tight global supply. The Chilean peso held steady near $913/USD as the record price reinforced copper's role as a structural support for the currency and the fiscal outlook, with the government continuing to point to elevated Treasury mining revenue even as the IMF has flagged longer-term fiscal risk from the megarreforma's tax cuts.