Copper prices exceed $10,000 on tariff concerns

Copper prices on the London Metal Exchange reached over $10,000 per ton on Thursday. This surge comes amid worries about potential tariffs on copper imports by President Trump. Copper is vital for many industries, including electric vehicles and power grids. On February 25, Trump signed an executive order for the US Department of Commerce to investigate the national security risks of copper imports. This investigation may lead to tariffs on all types of copper. As a result, traders are hurrying to send copper to the US before any tariffs are implemented, which is putting pressure on global supplies. The Secretary of Commerce will complete the investigation in 270 days, but copper imports to the US have already started increasing. Prices are rising significantly, with a notable jump in New York's Comex market this week, nearing record levels. Analysts expect these increased prices to lead to tighter metal supplies in the coming months. Goldman Sachs warns that this could create deficits for refined metals starting in the second quarter of 2025. As uncertainty remains over the tariff situation, traders continue to push copper into the US market.