Copper prices surge to record high amid tariff anxiety
CNN
Gold isn’t the only metal smashing through record high prices.
Gold isn’t the only metal smashing through record high prices. Copper prices in New York hit a record high on Wednesday after Bloomberg reported that President Donald Trump might impose tariffs on copper imports in the coming weeks. Wall Street had expected tariffs on copper to come later this year. The most actively traded copper futures contract in New York hit a record $5.374 per pound Wednesday morning before trading at around $5.24 per pound. Copper prices have soared 30% this year, largely driven by US buyers trying to stockpile the red metal due to anxiety around potential tariffs. Copper prices have outpaced gold, which has gained 16%, and far outpaced the major US stock indexes this year. While tariffs on copper have yet to be announced, Trump signed an executive order last month to investigate the national security risks associated with importing copper. “Copper, a key industrial metal that has yet to be included in Trump’s widening catalogue of tariff-hit products, continues to rally on the assumption that it is just a matter of time,” said Ole Hansen, head of commodity strategy at Saxo Bank, in a recent note.
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