Copper Prices Hit Record High as U.S. Tariff Decision Looms
Speculation of a 25% import tariff and supply disruptions drive U.S. copper futures to $5.374 per pound, with a decision expected within weeks.
- U.S. copper futures reached a record $5.374 per pound on Wednesday, fueled by expectations of a 25% tariff on copper imports and halted shipments from Chile.
- The U.S. Commerce Department's investigation into copper tariffs, initially expected to conclude by late 2025, is now anticipated to deliver a decision within weeks.
- An estimated 500,000 tons of copper are being redirected to the U.S. in March, significantly tightening global supply and creating shortages in key markets like China.
- China's economic stimulus measures, including increased household consumption and pro-growth policies, are further driving demand for copper in clean energy and AI sectors.
- Industries reliant on copper, such as construction and manufacturing, face rising costs, while mining companies like Freeport-McMoRan and Southern Copper see stock price gains.