13 October 2026 – Copper has made good use of the past few months: at around $14,600 per tonne, the red metal is 17 per cent above the start of the year and close to its September record. How it got there and what may still be possible by year end. Also, some hope for Europe’s SMEs: Merz, Meloni and De Wever are calling for an emergency brake on burdensome EU legislation.
Several Member States Call for a Brake on Brussels
Some positive news on SME policy for a change. It happens rarely enough to deserve a mention.
Friedrich Merz, Giorgia Meloni and Bart De Wever wrote to European Council President António Costa on Monday, according to Politico. Their demand: national capitals should be able to stop new EU legislation when it places excessive burdens on businesses and public administrations. An emergency brake on overregulation from Brussels.
Fewer Forms, Faster Approvals
The proposal also calls for faster planning and approval procedures. A new priority rule would temporarily suspend certain areas of regulation. Further simplification packages should focus first on SMEs, while reporting obligations should be reduced broadly. The reasoning hits the mark: unnecessary burdens must not lead to the permanent loss of industrial capacity.
The Catch
The EU Treaties currently provide no general emergency brake of this kind. The Commission will defend its right of initiative. Whether the letter becomes more than paper will become clearer at the EU summit starting on Thursday. Still, three heads of government from major industrial countries are not talking about new obligations, but about abolishing them and creating a stop button for legislative proposals.
One wish remains: the brake should urgently apply to CBAM and safeguard tariffs as well. Both cost small and medium sized enterprises unnecessary billions of euros every year. Whether the Merz government would support that, however, is more than doubtful. The tariffs are written into the coalition agreement and were most likely put there by the SPD.
Copper Price 2026: Record Hunt on the LME and Forecast to Year End
It is time to take another look at copper. The red metal has used the past few months well: at around $14,600 per tonne on the London Metal Exchange, LME, it is trading more than 17 per cent above the start of the year. “Doctor Copper”, the old economic diagnostician, is in excellent spirits.
January: Rocket Start
Copper entered the year at $12,423. On 29 January, it jumped above $14,500 for the first time. By spring, the price temporarily slipped below $12,500. A correction, not a change of direction.
Mid-Year: Building Momentum at High Levels
In June, copper traded between $13,500 and $14,000 per tonne, while banks became increasingly bullish. On 10 September, it reached an all-time high of $14,875.
October: Tight Supply Meets Strong Demand
A mudslide following heavy rainfall at Chile’s major El Teniente mine is fuelling concerns about further supply disruptions. Chinese inventories are thin, and importers are paying a premium of around $118 over the LME price, the highest since 2022.
Outlook: Record in Sight
Deutsche Bank believes copper could make another attempt at the record high in the near term. Goldman Sachs forecast $13,735 for year end during the summer, while Citi sees $15,000 within twelve months.
Data centres, power grids and electric vehicles need the metal, while supply growth remains limited. High prices are not a disaster, but a signal: they finance new mines and more recycling.
Washington remains the wild card. A decision on Section 232 tariffs on refined copper has been pending since June, while more than 700,000 tonnes are sitting in US exchange warehouses. That metal is missing from the rest of the world. Once the decision comes, inventories are likely to start moving again.
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