Copper has reached a historic high in New York, propelled by American buyers who are stockpiling in anticipation of impending tariffs from the U.S. on this commodity.
At the Comex market in New York, around 16:08 GMT, the red metal was trading at an unprecedented $5.2180 per pound.
This surge in copper prices in the United States has also influenced global prices, though to a lesser degree. Consequently, a significant gap has emerged between the price of copper on the New York exchange and that in London.
During his address to the U.S. Congress earlier in March, Donald Trump announced forthcoming taxes on copper imports.
American buyers are taking precautions against the potential risk of a sudden price spike for this essential metal, which plays a crucial role in various industrial applications.
Moreover, demand for copper continues to rise due to increasing industrial usage, driven by trends in electrification, renewable energy, and artificial intelligence—factors that experts believe structurally support prices.
If tariffs are indeed implemented on copper, the metal is expected to follow a trajectory similar to that of aluminum, whose prices initially rose before gradually declining following the U.S. imposition of a 25% tariff on March 12.
