Copper Prices Soar on Tariff Uncertainty and Chile Supply Woes

Copper prices have surged to record highs in recent weeks, driven by uncertainty over US import tariffs and supply concerns from top producer Chile.

The metal has gained more than 17% on Comex so far this year, with the rally accelerating sharply in early August. The single biggest driver of this price action remains the pending US decision on copper import tariffs.

Over 200,000 tons of copper arrived at US ports in July alone, the largest monthly inflow in data going back to 2014, and that hoarding has starved buyers elsewhere of available metal, tightening inventories on the London Metal Exchange and in China even as US warehouses swell.