London Metal Exchange copper futures rose more than 1% on the 7th, making an
intraday record above $14,530/tonne and closing at $14,494/tonne. Prices are up
17% year-to-date and 47% over the past 12 months. A Cesco senior analyst said
the move is driven more by tariff-induced metal relocation than by stronger
end-user demand; since Trump first proposed copper tariffs in February last year
New York copper futures have held a sizable premium to London, creating large
arbitrage opportunities. Other analysts said robust demand and supply
disruptions could further tighten the copper balance and support high prices,
while longer-term bullish factors include aging major mine fleets and capacity
growth trailing demand.
