Copper Hits Mid-May High Above $14,000/Ton on US Import Surge Amid Tariff Wait
Copper prices in London topped $14,000 a metric ton, the highest since mid-May, as traders reacted to record U.S. imports of the metal. Over 200,000 tons arrived in July, the largest monthly volume in shipping data going back to 2014, ahead of an expected Trump tariff decision.
Copper futures advanced to their strongest level since mid-May, breaking above $14,000 per metric ton in London trading. The move comes as market participants focus on a massive influx of the metal into the United States, driven by expectations of an import tariff announcement from former President Donald Trump.
According to shipping data, more than 200,000 tons of copper arrived at U.S. ports in July—the largest monthly volume on record back to 2014. The surge in imports suggests that traders are front-running potential trade restrictions, pulling metal into the country before any duties take hold. The pending tariff decision has created a significant price dislocation, with London prices climbing as U.S. premiums rise. Analysts note that the tariff uncertainty, combined with tight global supply, is fueling bullish momentum for copper in the near term.
Source: First Squawk