Copper Soars Past $14,600 as Supply Fears and US Tariffs Fuel Rally
Copper prices have surged to record highs for a second consecutive session on the London Metal Exchange (LME), buoyed by concerns over supply and the potential impact of US tariffs. The industrial metal rose for a fourth day, touching an all-time peak of $14,617 per ton.
The rally has been driven by tight near-term supplies and expectations that the US will impose tariffs on imported refined copper. This has led to a massive shift in refined copper towards the US, draining stockpiles in LME warehouses and triggering a severe supply squeeze last month.
Jia Zheng, a trading manager at Suzhou Chuangyuan Harmony-Win Capital Management Co., believes that copper prices could reach $15,000. Orders from State Grid Corp. of China are looking good, based on conversations with clients, she said.