US EditionCopper prices surge to record high amid tariff anxiety
- On Wednesday, copper prices in New York reached a record high, with the most actively traded copper futures contract hitting $5.374 per pound.
- Anticipation of potential tariffs on copper imports, spurred by a recent executive order from President Trump investigating national security risks, has led US buyers to stockpile the metal.
- Copper prices have soared 30% this year, significantly outpacing gold's 16% gain and major US stock indexes, as US copper imports surge from a standard monthly amount of 70,000 tons to an estimated 500,000 tons this month, according to Mercuria and Bloomberg data.
- Ole Hansen, head of commodity strategy at Saxo Bank, and Adam Turnquist, chief technical strategist at LPL Financial, noted that the rally is driven by the expectation of imminent tariffs and has triggered a wave of near-term demand for copper within the US, with Goldman Sachs analysts anticipating a potential jump of 200,000 tons in April imports.
- Analysts at Commerzbank suggested in a Tuesday note that a price correction may occur, potentially temporarily, once the pull-forward effect on US demand subsides, even as the International Energy Agency projects the world will only meet 70% of global copper demand by 2035 and Glencore suspended production at one of its copper smelters in Chile this month.
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BizTocCopper prices poised to 'collapse' with tariffs on the way, BNP Paribas says
Copper prices likely will "collapse" over the next few months as the global push to ship the metal to the U.S. ahead of potential 25% tariffs winds down, analysts at BNP Paribas warned.
·United States
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Why Tariff Fears Have Copper Following Gold to Record High
US prices of copper have been on a tear this year due to the fear that tariffs will be imposed on imports of the red metal. Futures prices have hit record highs on New York’s Comex, leading to a premium over the international benchmark in London — similar to the disconnect seen in the gold market.
·United States
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Leaning Left3Leaning Right2Center10Last UpdatedBias Distribution67% Center
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