Copper Prices Hit Record High Amid U.S. Tariff Fears

Copper prices reached a new all-time high in New York on Wednesday, with Comex prices hitting $6.7045 per pound. The surge is driven by aggressive hoarding in the United States as traders anticipate new import tariffs. The United States Department of Commerce is currently weighing phased duties on refined copper and expanding Section 232 duties to include 14 additional product categories, including electric conductor cables.

This anticipation led to a record monthly inflow of over 200,000 tonnes of copper into U.S. ports in July. Global supply constraints are exacerbating the price rise. A Chinese export ban and the closure of the Strait of Hormuz have reduced sulphuric acid supplies, impacting production in the Democratic Republic of the Congo and Chile.

In Chile, the state miner Codelco paused the Andes Norte expansion at the El Teniente mine due to seismic risks. Despite these pressures, a potential 60-day shipping agreement between the U.S., Iran, and Oman may soften inflation fears and support growth-sensitive metals.