Copper Prices Reach All-Time High

Copper prices have reached an all-time high on the London Metal Exchange, extending a rally driven by expectations of U.S. tariffs on refined metal imports and a persistent imbalance between supply and demand. The industrial metal touched a record of $14,617 a ton on Tuesday, marking the second consecutive session of record prices and the fourth day of gains. This surge is fueled by a confluence of factors, including a significant shift of refined copper toward the United States. Traders are positioning themselves to capture higher prices ahead of potential U.S. tariffs, a move that has drained stockpiles in London Metal Exchange warehouses and tightened near-term availability outside the U.S. This has triggered a market squeeze and contributed to a steep backwardation, a condition where demand significantly outstrips supply. The market is anticipating potential U.S. duties on refined copper imports, a decision that has been under review by the Commerce Department. While no official policy has been finalized, traders are pricing in the possibility, leading to accelerated purchases and inventory build-ups in the U.S. This has created a bifurcated global market, with U.S.