Copper Moves Toward Record High

Copper futures climbed to around $6.7 per pound on Tuesday, nearing fresh record highs as expectations of new US import tariffs on the metal continued to encourage traders to redirect shipments toward US warehouses, tightening supplies elsewhere. The persistent premium on copper futures traded on New York’s Comex continued to create arbitrage opportunities, even as the White House has yet to finalize the proposed levies. The tariff-driven trade triggered a major squeeze and backwardation on the LME last month, although new deliveries have helped ease some of the immediate supply pressure. Major copper-producing countries in South America have also faced operational challenges this year, contributing to weaker output and exports. Meanwhile, supply has struggled to keep pace with rising demand from data centers, renewable energy projects and power grids.

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