Copper surged past $10,000 a ton as US President Donald Trump’s push for tariffs on the metal fueled global supply disruptions. Last month, Trump ordered an investigation into copper imports, sparking a rush to ship metal to the US before potential duties take effect.
On Thursday, copper on the London Metal Exchange (LME) hit $10,046.50 a ton, its highest since October, while New York’s Comex prices neared record levels. Traders are shifting supplies to the US, creating shortages elsewhere.
Copper’s rally is part of broader market turmoil from Trump’s trade policies. He has already imposed 25% tariffs on steel and aluminum and plans more duties next month. Analysts expect a 25% copper tariff by late 2025.
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Comex copper is up 27% this year, compared to 14% on the LME. The price gap has led traders like Trafigura and Glencore to divert over 100,000 tons of copper to the US.
Copper stocks responded positively, with MMG Ltd. rising 8.2% and Jiangxi Copper Co. gaining 4.4%. Meanwhile, supply constraints, a weaker dollar, and rising demand from green industries are also driving prices higher.
At 1:51 p.m. Shanghai time, copper traded at $9,993 a ton on the LME, while aluminum and zinc edged up and nickel fell 1.5%.
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