U.S. Copper Prices Break Records as Trump Pushes 50% Import Tariff

Copper prices in the U.S. soared over 12% on Tuesday, hitting a historic peak of more than $12,330 per metric ton on COMEX. The sharp rise followed a statement by former President Donald Trump, who revealed plans to implement a 50% tariff on copper imports.

During a cabinet meeting at the White House, Trump mentioned his intention to formally announce the tariff later in the day. However, he did not provide specific details on when the new tariff policy would come into effect.

This development comes amid an ongoing federal investigation launched in February, assessing whether tariffs on copper imports are necessary to strengthen domestic output and attract investment in U.S.-based production. The investigation is expected to conclude by November.

The anticipation of these tariffs has pushed the COMEX copper premium to unprecedented levels — roughly $2,750 per ton higher than prices on the London Metal Exchange, where copper is trading at around $9,585 per ton.

Analysts and traders believe that this record premium could lead to an increase in copper inflows to the U.S. market, as suppliers look to capitalize on the pricing gap. Copper is a vital material used widely in energy infrastructure and construction projects.

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