Copper Hits Record High as Trump Tariff Fears Fuel Rally

Copper prices have surged to a new all-time high on the London Metal Exchange (LME), reaching $14,533 per ton. This price beat the previous record set in January and marks a significant increase of 17% over the past year.

The rally is largely driven by anticipation that US President Donald Trump will expand tariffs to imports of refined metal. The world's ageing fleet of big mines is struggling to keep pace with growing demand from data centers, renewable energy, and power grids.

A significant portion of copper shipments this year has been destined for the US, where traders are seeking to profit from higher prices. Despite being two months past its due date, the market still expects tariffs to be implemented by the Department of Commerce's recommendation to the White House.