Copper Hits Fresh Record High Amid US Tariff Uncertainty

Copper prices in the US have hit an all-time high, exceeding $6.7045 per pound on the Comex, as tariffs and supply chain disruptions fuel demand.

The price surge is largely driven by expectations of a possible relaxation of trade tensions between the US and Iran, which has boosted risk assets and reduced concerns about inflation.

However, any relief may come too late for parts of the copper supply chain, as the Strait of Hormuz's closure has knocked out around half of seaborne sulphur shipments from the Gulf, while China's export ban continues to run until December.