Copper Holds Near Record As Fed, China Weighed

By mid‑ to late September 2026, copper (HG1) prices remained close to their all‑time high set on September 10 at $14,875 a tonne. The metal was described as trading within striking distance of that peak, underscoring how strongly prices had held despite shifting macroeconomic signals.

This elevated level followed a sustained rally in the preceding weeks. Into September 22, copper (HG1) notched a sixth consecutive session of gains and had risen in 11 of the previous 12 weeks, highlighting persistent buying interest and positive price momentum.

Traders were focused on the outlook for US Federal Reserve policy as a key near‑term driver for copper. Expectations around interest rates and broader monetary conditions were seen as influencing risk appetite and growth prospects, which in turn affect demand for industrial metals.

As market participants weighed potential future moves by the Federal Reserve, copper prices moved in response to shifting views on economic activity and financing conditions. This policy uncertainty contributed to day‑to‑day fluctuations even as prices stayed close to record territory.

Alongside macro considerations, supply signals from China’s physical copper market were an important support for prices. Shanghai copper inventories fell to about 43,900 tonnes, the lowest level since 2023, indicating reduced available stocks in a key consuming region.

In addition, refinery maintenance in China scheduled across October and November was expected to limit near‑term refined copper availability. The combination of lower inventories and upcoming maintenance pointed to tighter supply conditions in the Chinese market.

The copper market in late September was defined by the balance between macroeconomic risks and supportive supply fundamentals. On one side, uncertainty around the Federal Reserve’s policy path created potential headwinds for demand. On the other, evidence of tightening physical supply in China underpinned prices near their record levels.

This interaction between financial market expectations and on‑the‑ground supply conditions helped explain both the persistence of high copper prices and the ongoing volatility as traders reacted to new data on monetary policy and inventories.