Global copper prices reached a historic high after Donald Trump announced the possible imposition of 50% duties on imports of this metal.
On July 8, copper futures on the Comex exchange jumped 17.3%, reaching $5.8955 per pound, the sharpest increase since 1988. Later, the quotes adjusted, closing at +13.12%.
On the London Metal Exchange (LME), the reaction was the opposite: prices fell by 0.48% to $9,807.53 per ton.
The difference between copper prices in the United States and in other markets has reached a historic high, which has led to a sharp increase in arbitrage operations and the purchase of copper by traders in anticipation of the imposition of duties.
Experts believe that the imposition of duties could lead to an imbalance on global trading platforms and increase costs for American industries that depend on copper, from electronics to construction.
Analysts note that in the short term, increased volatility and a possible price rollback are expected after the implementation of duties.
According to Morgan Stanley, imported copper covers 36% of U.S. demand. The main suppliers are Chile (38%), Canada (28%) and Mexico (8%).
US President Donald Trump has announced plans to impose 50% tariffs on copper imports, citing threats to national security. Commerce Secretary Howard Lutnik clarified that the new tariffs could come into force as early as late July or early August.
Global demand for copper continues to grow, especially from electric vehicle manufacturers and companies switching to renewable energy, which supports high metal prices.