LME three-month copper rose as much as 0.8% to $14,533/tonne, hitting a record
high and surpassing a January peak, as markets price in expectations President
Trump could extend U.S. tariffs to refined metal imports. Copper is up about 17%
over the past year, supported by a structural supply shortfall as ageing large
mines struggle to meet demand from data centers, renewables and grid investment.
Short-term flows have amplified the move: traders have shipped tens of thousands
of tonnes to the U.S. to capture higher domestic prices. The rally comes roughly
two months after the U.S. Commerce Department submitted tariff recommendations
to the White House, and markets continue to factor in the possibility of
tariffs.
