Copper prices went up in 2025 and 2026 because several shocks hit at once: major mine disruptions, a tariff-driven rush of copper into the United States, and, from February 2026, a squeeze on sulphuric acid needed to produce copper. The IEA reports prices passed $12,000 per tonne for the first time in December 2025 and exceeded $14,000 per tonne in May 2026. This article explains what happened; it is not a forecast.
Key Takeaways
- 2025 mine disruptions of about 1.5 Mt tipped the market into deficit (IEA).
- Tariff expectations pulled copper into U.S. stocks.
- The 2026 acid squeeze added pressure on leaching output.
- Copper reaches charger prices mainly through the cable, with a lag.
Timeline of the Price Rise
| When | Event | Effect on supply or demand |
|---|---|---|
| 2025 | Supply disruptions of about 1.5 Mt, over 6% of mined supply (IEA) | Pushed the refined market into deficit |
| 2025 | Prospect of U.S. tariffs on copper; net cathode imports of 1.5 Mt to the U.S. (IEA) | Stocks moved to the U.S.; inventories fell in Asia and Europe |
| August 2025 | U.S. Section 232 duties on semi-finished copper and derivatives; refined cathode excluded | Kept the refined-copper question open |
| September 2025 | Mudflow at Grasberg, the world’s second-largest copper mine | 2025 output about half of 2024; full recovery expected only in 2028 (IEA) |
| 2025 | Flooding at Kamoa-Kakula in the DRC | Output cut by almost one-third against guidance (IEA) |
| December 2025 | Price above $12,000/t for the first time | Record territory |
| February 2026 | Effective closure of the Strait of Hormuz | Sulphur and sulphuric acid supply shock for leaching operations |
| May 2026 | China bans sulphuric acid exports until year-end; price above $14,000/t | Risk to the over 15% of primary copper made by acid leaching |
The Demand and Money Side
The IEA says the rise was also underpinned by expected demand growth from electrification and data centre construction, and amplified by lower interest rates, a softer U.S. dollar, investor interest in physical assets and financial speculation. Global refined copper demand grew 3.7% in 2025 to almost 28 Mt.
In the U.S., the USGS reports refined imports nearly doubled to an estimated 1.7 Mt in 2025 and year-end stocks rose to about 450,000 tonnes, compared with 123,000 tonnes a year earlier. It attributed the record COMEX average of $4.80 per pound mainly to tariff uncertainty.
How the Rise Reaches Charger Prices
- Cable first: copper is concentrated in the charging cable, so long-cable and three-phase products feel it most.
- Lagged: factories buy metal ahead, so price changes reach quotes over weeks or months.
- Diluted: electronics, certification and labour make up most of a charger’s cost.
- Tariffs stack separately: U.S. duties on finished chargers usually move landed cost more than metal prices. See our US import guide and FOB vs DDP terms.
Our guide to OEM charger unit cost drivers puts copper in context. Ask suppliers how long quotes hold and whether a metal surcharge applies. EVDANCE quotes factory-direct with the cable specification stated, for products such as the EV-ACS4005T 40A NACS portable charger.
Frequently Asked Questions
Why did copper prices hit records in 2026?
Mine disruptions, U.S. stock building ahead of possible tariffs, and the 2026 sulphuric acid squeeze all tightened supply, per the IEA.
Did tariffs cause the copper price rise?
They were a major factor in 2025 U.S. prices, according to the USGS, alongside mine disruptions and demand growth.
Are copper prices still going up?
We do not forecast prices. Check current exchange data and official notices before budgeting.
Related Reading
- What Drives the Unit Cost of an OEM EV Charger
- Importing EV Chargers Into the US: Customs, HTS and Section 301
- FOB vs DDP: How to Import EV Chargers From China
- Canada EV Charger Import Guide: cUL, CSA and Duties
