Copper Prices Soar as US Tariff Fears Fuel Global Shortage

New York copper prices have hit an all-time high as concerns over potential US tariffs continue to disrupt the global market, effectively transforming a surplus into shortages in other regions.

Copper futures for September delivery on the COMEX exchange rose as much as 1.8% on Tuesday to $6.7270 per pound (approximately $14,830 per tonne), surpassing the previous record of $6.7140 per pound set on August 12.

The price rally is driven by expectations that the US might impose a 15% tariff on refined copper starting next January, rising to 30% by 2028, prompting traders to ship large quantities of the metal to the US.

Data shows that the US imported 885,000 tonnes of refined copper in the first half of the year, a 3% increase year-on-year, and COMEX copper inventories have risen for 46 consecutive days, reaching a record high of 675,185 tonnes.