Copper Prices Near Record High Amid US Tariff Fears

Copper prices are nearing a record high due to fears of shortages and the impact of US import tariffs. The metal has gained 15% this year, with traders shipping large volumes to the US, clearing inventories elsewhere at a time when mine supply is under pressure.

The price of copper stabilized on Tuesday morning after a four-session rise that brought it close to its historical maximum. The three-month contract on the London Metal Exchange hit $14.343 per tonne yesterday, approaching the record high of $14.527.50.

Traders are monitoring LME inventories, which have been declining due to massive deliveries of copper to the exchange's warehouses last week. The request to withdraw over 60,000 tonnes of copper on Monday fueled new supply concerns.