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Copper reaches record highs in New York and London amid supply and tariff fears
Three-month LME copper futures rose to $14,858.5 per metric ton, while Comex copper hit a record $6.894 per ounce as traders priced in potential refined copper import tariffs.
Copper prices pushed to fresh record levels in both London and New York as traders weighed ongoing tariff concerns and tightening physical supply against a demand outlook clouded by escalating Middle East hostilities, according to LiveMint Markets citing Bloomberg.
On the London Metal Exchange, benchmark three-month copper futures rose to $14,858.5 per metric ton, topping the prior session’s peak of $14,779.0. The contract has set a new record in each of the past three sessions, and Comex copper also climbed to a fresh record of $6.894 an ounce.
The red metal has gained 19% this year, supported by a longer term supply-demand imbalance. Ageing mines are struggling to keep pace with demand growth from data centers, renewable energy and power grids.
LiveMint Markets reports that copper’s recent move was driven by tighter physical supply outside the US, with traders continuing to ship metal to US shores in anticipation of potential tariffs on refined copper imports by President Donald Trump. Separately, the US said it attacked more Iranian oil tankers in response to Iran’s IRGC targeting one of its warships, while Brent crude topped $100 a barrel, adding to worries about inflation ahead of US consumer price data.
Latest closeCopper $6.857 ▲1.8%|WTI crude $97.01 ▲4.3%|Brent $102.05 ▲4.2%