Copper price hits record high as Trump tariff risks fuel rally – MINING.com
NewsMarketsIntelligenceJobsEducationBuyers GuideCopper prices surged to a new record in the US on Tuesday as traders factored in the possibility that President Donald Trump may impose import tariffs on the metal.Copper for May delivery rose as high as $5.2255 per lb. ($11,520 per tonne) on the COMEX in New York, surpassing the previous high set on May 20, 2024.The front-month contract has gained about 29% this year, creating an unprecedented disconnect between US prices and the global benchmark set on the London Metal Exchange (LME).Last month, Trump ordered the US Commerce Department to investigate possible copper tariffs on national security grounds. Since then, the gap between New York and London copper prices has widened, incentivizing traders to shift copper into the US ahead of any potential duties.Goldman Sachs and Citigroup both expect the US to impose 25% import levies on copper by year-end.According to Kostas Bintas, Mercuria’s head of metals trading, an estimated 500,000 tonnes of copper are being directed to the US, tightening supply in the rest of the global market. He told Bloomberg that LME prices could rise above $12,000 per tonne, up from around $10,000 currently, as the shortage deepens.Meanwhile, copper prices in Shanghai have entered modest backwardation, signaling expectations of strong Chinese demand.The front-month April copper contract on the Shanghai Futures Exchange closed at 81,900 yuan ($11,277.88) per tonne on Tuesday, 0.75% higher than the September contract.However, a copper trader told Reuters that the current backwardation is mild, reflecting solid demand rather than acute supply shortages.Two other traders noted that the pricing dynamic is also influenced by increased Chinese refined copper exports and smelter maintenance in March due to limited copper concentrate supply. Customs data showed a 119% year-over-year surge in China’s refined copper exports for the first two months of 2024.“A lot of copper has flowed to the United States, drawn by higher prices, leading to reduced imports,” another trader said. “China also shipped more cargoes in the first two months of the year, while stockpiles continued to decline.”(With files from Bloomberg and Reuters)Your email address will not be published. Required fields are marked * Save my name, email, and website in this browser for the next time I comment.
ΔThe Chinese lithium giant posted a net loss of 7.9 billion yuan ($1.1 billion) in 2024 citing weaker prices.March 26, 2025 | 11:46 amThe most-traded contract on the COMEX rallied to a new high of $5.3740 per lb, or about $11,840 per tonne.March 26, 2025 | 10:49 am{{ post.excerpt }}{{ post.date }}The Swiss commodities trader aims to acquire more mine stakes as it secures copper supplies, challenging larger competitors.The list supports the 2024 Critical Raw Material Act, which boosts the EU access to key metals and minerals.Zelenskiy has confirmed the proposal does not include US involvement in its nuclear power sector.BofA now expects gold to trade at $3,063 per ounce in 2025 and $3,350 in 2026.BYD’s battery metals bill was $1 billion below Tesla despite selling 2 million more EVs while GM’s per EV costs are the highest in the industry.
Source: https://www.mining.com/copper-price-hit-record-high-as-trump-tariff-risks-fuel-rally/
