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US tariffs boost copper prices
The global rise in copper prices is attributed to the potential imposition of American import tariffs, despite an abundance of global supply. Copper prices are approaching their historic highs, with futures contracts reaching $14,343 per ton, amid orders to withdraw large quantities from U.S. inventories. The markets aim to avoid the possible imposition of duties on refined copper since 2027. The price increase reflects a shortage of available copper outside the United States, rather than a global deficit. Tensions surrounding tariffs are depleting market inventories and tightening supply, especially as U.S. inventories continue to rise and copper imports increase. The market is awaiting the U.S. President's decision on imposing tariffs ranging from 15% to 30% on imports since 2027, with expectations that this could lead to a significant rise in prices—particularly given China's limited capacity to offset the shortfall.
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