Copper Prices Soar Amid Trump Tariff Uncertainty

Copper prices have surged to an all-time high of $14,779 per metric ton on the London Metal Exchange, driven by uncertainty over President Donald Trump's import tariff policies. Analysts say that prices could reach $15,000 per metric ton this week, as investors prepare for upcoming U.S. economic data releases.

The proposed 15% tariff on refined copper imports starting in 2027 and rising to 30% in 2028 has created uncertainty, leading to large volumes of copper being stored in -approved warehouses in the U.S. This has reduced inventories on the LME and in China, the world's largest metals consumer.

Tom Price, analyst at Panmure Liberum, said that it is possible for prices to reach $15,000 this week due to speculative capital behind a trading idea. However, he also noted that 'you can pick any big number when there's this much speculative capital behind a trading idea.'

The combined LME and Shanghai Futures Exchange copper stocks stand at just over 300,000 tons, less than half of COMEX stocks, which reached record highs of 695,624 tons. An open arbitrage window has supported strong U.S. imports.