Copper Nears All-Time High as Chile-Peru Supply Fears and US Tariff Threat Meet China Demand

LME cash copper settled at US$14,737/tonne on September 8–9 (+1.35%), its second-highest close on record behind the all-time high set August 17, while the CPER US-futures tracker rose 1.55% to $40.57. Traders accelerated purchases on fears that new US tariffs on refined copper would 'wipe out the global surplus and force buyers to pay up for scarce metal,' compounding permitting delays and cost inflation slowing new mine output in Chile and Peru — the world's two largest producers — after Chilean output fell 9.4% in July following deadly storms in the northern mining belt. Sustained Chinese grid and renewable-energy investment continued to anchor demand despite property-sector weakness.