Copper Prices Soar to New High Amid Tariff Fears and Supply Woes

Copper prices have surged to an all-time high of $14,533 per tonne on the London Metal Exchange, fueled by tariff fears and supply woes.

The benchmark three-month copper futures price has increased by 17% year-over-year, with the latest level surpassing the previous peak set in January.

Analyst Albert Mackenzie notes that uncertainty surrounding US tariffs is driving up prices as material flows to American warehouses, saying 'it's hard to know what will happen on tariffs, but the longer there is uncertainty, the longer prices will remain elevated.'

The influx of copper imports into the US has concentrated global reserves within its borders, leaving supplies tighter outside.