Copper Hits All-Time High Amid Tariff Turmoil and Mine Struggles
Copper prices have surged to an all-time high on the London Metal Exchange amid concerns over US tariffs and mine struggles. The benchmark three-month futures contract gained as much as 0.8% to reach $14,533 a ton before paring some of those advances.
The rally is largely driven by anticipation that President Donald Trump will expand US tariffs to imports of refined metal, which has led traders to seek arbitrage opportunities in the copper market. This has resulted in record-breaking imports to the US, fueled by a persistent premium for copper futures traded on New York's Comex.
Cristián Cifuentes, senior analyst at Chilean copper industry think tank Cesco, attributes the price surge to 'localized shortages rather than a global demand surplus.'