Copper prices at record levels - The risk of US tariffs has "shocked" the global market
Copper prices have hit record highs on fears of potential U.S. tariffs. This has created uncertainty in global markets, especially in China, the world's largest copper consumer.
Expectations that the United States will impose tariffs on copper have pushed its price to near record levels. The key industrial metal has passed $5 a pound, or over $11 a kilogram, for the first time in months, indicating that supply concerns are outweighing global economic challenges.
The surge in copper prices is driven entirely by fears of potential universal tariffs on all copper imports into the US, analysts say. They point out that the country is heavily dependent on foreign copper, with imports covering about 45 percent of demand.
The US is facing a surge in copper imports as traders around the world try to get ahead of potential tariffs planned by US President Donald Trump.
According to Bloomberg sources, between 100,000 and 150,000 tons of refined copper could arrive in the US in the coming weeks. If all of this volume arrives in the same month, it would surpass the record set in January 2022, when 136,951 tons were imported.
Major trading companies are diverting large quantities of copper destined for Asian markets to the United States. As a result, traders are planning additional storage capacity in New Orleans and Baltimore.
The surge in U.S. copper imports has global implications, as it reduces supplies in other parts of the world, including China, the world's largest consumer of copper. U.S. copper prices are now significantly higher than in other markets, causing increased costs and supply chain disruptions for U.S. producers, similar to what could happen in a full-blown trade war.
Late last month, Trump ordered the U.S. Commerce Department to investigate possible tariffs on copper on national security grounds. That sent copper prices soaring on the New York Mercantile Exchange (Comex), where futures contracts have outperformed global benchmarks.
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