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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.

Employees work at a copper smelter in Yantai, Shandong province, China April 26, 2023. REUTERS/Siyi Liu/File Photo
FILE - Power transmission towers line a street in Redondo Beach, Calif., Wednesday, Sept. 7, 2022. (AP Photo/Jae C. Hong, File)
FILE - A data center owned by Amazon Web Services, front right, is under construction next to the Susquehanna nuclear power plant in Berwick, Pa., on Tuesday, Jan. 14, 2024. (AP Photo/Ted Shaffrey, File)
A worker produces copper-clad aluminum enamelled wire to supply overseas markets in a workshop at a factory in Suqian, Jiangsu province, March 6, 2025.

Overview

  • 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.