Overview

• Copper futures on New York's Comex exchange reached a historic $5.2145 per pound, surpassing the previous record set in 2024.
• The U.S. Commerce Department's ongoing probe into a potential 25% tariff on copper imports has fueled uncertainty and speculative market activity.
• Glencore Plc temporarily halted copper shipments from its Altonorte smelter in Chile, further tightening global supply chains.
• China's pro-growth economic policies and strategic stockpiling have amplified demand, contributing to the price surge.
• The price gap between Comex and LME copper has widened to unprecedented levels, with significant volumes of copper redirected to the U.S. in anticipation of tariffs.