Tariff Expectations Push Copper Prices Near Record Highs

Copper prices have surged to near-record highs on expectations of US import tariffs, causing traders to redirect shipments toward American warehouses and tightening supplies elsewhere.

The premium on copper futures traded on New York's Comex has created arbitrage opportunities, even as the White House has yet to finalize proposed levies.

Last month, the tariff-driven trade triggered a major squeeze and backwardation on the London Metal Exchange (LME), but new deliveries have eased some immediate supply pressure.