Copper Prices Near Record Highs Amid Tariff Speculation

Copper prices have been hovering near record highs due to speculation over potential U.S. tariffs on refined copper imports.

The current price of $6.58 per pound is about 3.7% below the record set in August, with the U.S. benchmark showing a 4.05% gain over one month and a 47.25% increase compared to the same point a year ago.

The London Metal Exchange (LME) three-month copper price climbed to $14,343 a metric ton on Tuesday, just 1.3% below the record of $14,527.50 set in January.

However, the significant disparity between LME and COMEX inventories has limited regional supplies, with the U.S. importing nearly 885,000 tons of refined copper in the first six months, exceeding twice the pace seen in 2024.