According to CoinMeta, copper prices have risen to near record highs due to market expectations of new U.S. import tariffs, with current trading prices exceeding $14,000 per ton. As buyers accelerate imports before the new tariffs take effect, global supply has become tight, and inventories at the London Metal Exchange (LME) continue to decline. The spread between cash and three-month futures prices has further widened to about $120 per ton, reflecting increased short-term supply pressures. Although tariff expectations have driven up copper prices recently, the growth in mine supply is limited, and demand from electrification projects and artificial intelligence infrastructure continues to support the market. Current forecasts indicate that there will still be a shortage of about 35,000 tons of refined copper globally in 2026.