Copper Prices Reach Record Amid US Tariff Speculation

Copper prices in New York surged to a record US$6.73 per pound, a 19% rise year‑to‑date, as traders bet on possible US tariffs on copper imports. The rally was driven by speculation that Washington may impose new duties, tightening an already constrained market.

Supply concerns added pressure: severe winter storms in Chile disrupted mining at state‑owned Codelco, which warned it could miss production targets and delay expansion of the El Teniente mine. In the Middle East, disruptions to sulphuric acid shipments—an essential input for copper refining—further limited global supply. Large volumes of copper have been flowing into US ports, tightening supplies elsewhere.

In London, copper rose 1.4% to US$14,060 per tonne, nearing the January record. Commodity strategists Ryan McKay (TD Securities) and Jeff Currie (Carlyle Group) noted that the fragmented market and US import dynamics are likely to keep prices elevated until the tariff outlook clarifies.