New York (COMEX) copper futures held near record highs as traders weighed
potential US import tariffs and hope for progress toward reopening the Strait of
Hormuz. YTD gains exceed 17% and the COMEX-LME copper premium has widened.
Market participants are positioning for forthcoming US tariff measures; the US's
relatively high copper import tariff regime has routed large volumes into US
ports, tightening supply outside the United States. Dollar weakness also lifted
copper, lead, zinc and aluminum. As of 12:45, COMEX copper was flat at
$6.65/lb, under 1% below its May record. LME copper rose 1.4% on Tuesday to its
strongest close since May and was steady on Wednesday.
