Copper surged to fresh record highs as fears over Donald Trump’s tariff plans tightened an already strained global market.
The industrial metal climbed as much as 3.1% to $13,387 a tonne, extending a powerful rally just a day after breaking through the $13,000 mark for the first time.
Traders have been rushing copper supplies into the United States amid concern that President Trump could announce tariffs on the metal, distorting global flows.
That scramble has drained inventories elsewhere, leaving the rest of the world with thinner stocks at a time when miners are struggling to lift production meaningfully. Supply risks have been compounded by renewed uncertainty in key producing regions.
Stephen Innes of SPI Asset Management said tariff fears were colliding with geological and operational challenges. “Tariff anxiety is pulling metal into the US just as supply risks in Chile resurface,” he said, highlighting why the squeeze shows little sign of easing.
