Copper Prices Soar to Fresh Record as Tariffs Fuel Hoarding

Copper prices in the US have hit a fresh record high, driven by bets on import tariffs and a shrinking supply picture.

The most-active contract for September delivery touched $6.7045 per pound ($14,781 per tonne) on the Comex, surpassing the previous intraday peak of $6.69 set in mid-May.

Traders are stockpiling copper, with more than 200,000 tonnes arriving at US ports in July, the largest monthly inflow since IHS Markit records began in 2014.

The supply squeeze is due to a combination of factors, including the closure of the Strait of Hormuz and China's export ban on sulphuric acid used in the SX-EW process, which accounts for over 15% of global copper output.