Copper Prices Surge Amid Tariff Uncertainty and Supply Concerns
Copper prices climbed closer to record highs on Tuesday, driven by uncertainty over US tariffs and ongoing supply concerns. Futures on the London Metal Exchange surpassed $10,000 per metric ton, while New York’s Comex prices hovered near peak levels.
President Trump’s recent indication that upcoming reciprocal tariffs may be less severe than expected has fueled demand, with speculation about potential metal import restrictions further impacting prices.
“Front-running the potential tariff has unleashed a wave of near-term demand for copper housed in the US,” said LPL Financial strategist Adam Turnquist.
Increased shipments of 100,000 to 150,000 metric tons of copper are expected to arrive in the US in the coming weeks as buyers react to the potential trade measures. Meanwhile, China’s pro-growth policies and increased infrastructure spending have also bolstered global copper demand.
Goldman Sachs maintained its bullish outlook, forecasting prices to hit $10,200 per ton by Q4 2025, while some analysts predict copper could reach as high as $13,000 per ton.
With copper’s crucial role in defense, infrastructure, and electrification, analysts warn that continued supply challenges could push prices even higher in the coming months.
