The most actively traded copper futures contract in New York settled at a record of $5.24 per pound.
SEATTLE (Scrap Monster): Following a Bloomberg article suggesting that Trump may put tariffs on copper imports in the upcoming weeks, rather than later this year as analysts had anticipated, copper prices in New York skyrocketed to a new high. New York's most active copper futures contract ended the day at a record $5.24 a pound.
Due to increasing metal stockpiling by U.S. purchasers in response to anticipated tariff uncertainty, the commodity's prices have risen by 30% so far this year. Other factors, such as the growing demand for copper from the energy and technology industries, have contributed to the current price spike in addition to tariff concerns. Higher copper prices have also been caused by Glencore's decision to halt operations at its copper smelter in Chile.
This year, copper prices have surpassed those of gold and the main U.S. stock indices.
Although they haven't reached all-time highs, the price of copper in London has also increased this year. Since early 2025, New York-traded copper futures have surpassed London-traded copper futures. In a recent letter, Ole Hansen, head of commodity strategy at Saxo Bank, pointed out that the copper futures in New York are currently trading at a premium of 17%.
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