New York and LME copper rose on Monday as markets enter a month that could
clarify the Trump administration’s import-tariff plans for metals. The US
commerce secretary must submit recommendations on refined-copper tariffs to the
president by June 30; ahead of any decision the US price premium versus the rest
of the world has widened, drawing metal back to US ports and underpinning
prices. Copper is up about 5% in May. Progress in US‑Iran ceasefire talks and
spillover demand from AI-related assets have also supported the market. Goldman
Sachs raised its LME year‑end 2026 copper target to $13,735/ton from $12,465,
citing US stockpiling and weaker‑than‑expected mine supply keeping the market
tight.
