Copper Prices Soar on Tariff Bets and Global Supply Woes

Copper prices in New York reached a record high on Wednesday as investors bet on potential US tariffs and global supply tightness.

The most-traded Comex copper contract surged to $6.73 per pound, surpassing its previous record set in mid-May.

This year, the contract is up about 19%, with TD Securities' Ryan McKay attributing the rally to speculation over US tariffs on copper imports.

'Record imports and a strong arbitrage mean the fragmented market should continue to support prices until the tariff outlook becomes clearer,' McKay told Bloomberg.