Copper market squeeze eases after major metal deliveries to London exchange

Copper prices eased on August 18, 2026, after major traders including Trafigura Group delivered large amounts of metal to the London Metal Exchange. The cost to borrow copper for three months fell sharply, from $545 per ton on August 17 to $248 per ton the next day.

The shortage built up because traders sent large copper shipments to the United States, expecting new import taxes. China also pulled extra copper supplies toward its own market. Together, these moves left LME warehouses with nearly half the stock they held in mid-May 2026.

Three-month copper futures rose as high as $14,396 per ton before closing at $14,179 per ton. The short-term squeeze reached levels not seen since a similar crisis in 2021.