Copper prices hit record highs even as global smelting margins collapse to zero, exposing who really controls the world's most critical metal.

Copper hit an all-time LME high of $14,527.50 per metric ton in January 2026, driven by US tariff fears, record imports, and mine supply

Copper prices hit a record high as concerns over shortages outside the US boosted buying, while a weaker dollar supported metals. LME copper touched $14,533 a metric ton,…