Copper futures approach record highs near $6.7 per pound
Copper futures climbed to around $6.7 per pound Tuesday, edging toward fresh record highs. Expectations of new US import tariffs are drawing shipments to US warehouses, tightening supply elsewhere and keeping Comex premiums elevated.
7 per pound on Tuesday, nearing fresh record highs as traders kept factoring in the prospect of new US import tariffs on the metal. Shipments continued to be redirected toward US warehouses, leaving supplies tighter elsewhere. The persistent premium on copper futures traded on New York’s Comex continued to create arbitrage opportunities, even though the White House has not yet finalized the proposed levies. The tariff-driven trade triggered a major squeeze and backwardation on the LME last month, while new deliveries have since eased some of the immediate supply pressure.
Major copper-producing countries in South America have also faced operational challenges this year, which has contributed to weaker output and exports. Supply has struggled to keep pace with rising demand from data centers, renewable energy projects and power grids.