Copper Surges to New Record Amid Tariff Turmoil

Copper prices have surged to an all-time high on the London Metal Exchange (LME) due to expectations of expanded US tariffs. The metal's three-month futures contract gained as much as 0.8% to reach a price of $14,533 per tonne, surpassing its previous record set in January.

The rally has been fueled by anticipation that President Donald Trump will impose higher tariffs on refined copper imports into the US. This comes despite the Department of Commerce's recommendation being due two months ago.

The world's aging fleet of big mines is struggling to keep pace with increasing demand from data centers, renewable energy projects, and power grids. Copper bulls have long pointed out this supply-demand mismatch as a key factor driving up prices.