Copper Hits 12-Week High Amid Ongoing US Tariff Uncertainty

Copper prices surged to a 12-week high on Thursday due to ongoing uncertainty over potential import tariffs in the US. The benchmark three-month copper contract on the London Metal Exchange (LME) rose 0.08% to $14,099.50 per metric ton, despite touching $14,178 earlier in the day.

This marks the highest price for copper since May 13. The most-active copper contract on the Shanghai Futures Exchange (SHFE) was up 0.38% at 107,580 yuan ($15,944.39) per ton, also reaching its highest level since May 14 at 108,030 yuan.

Copper has been drawn to the US for months as import tariffs keep prices on the US COMEX exchange above the London benchmark. As a result, stocks held in warehouses monitored by the LME and SHFE have continued to decline.