Tariff Threat Sends Copper Prices Soaring to Fresh Record

Copper prices set a fresh record in New York and neared all-time highs in London on Tuesday, as the threat of US import tariffs continues to drive metal into American warehouses.

The Comex copper for September delivery rose as much as 1.8% to $6.7270 a pound (about $14,830 a tonne), surpassing its previous record of $6.7140 set on August 12.

Copper's surge is largely due to the US' increasing imports, with 885,000 tonnes imported in the first half of this year, up 3% from last year and on track to approach a record 1.64 million tonnes in 2025.

Robert Edwards, principal copper analyst at CRU, noted that if imports continue as they have been, 'it's going to look like a deficit market in reality.'