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Copper prices surged over 3% on the Comex market on Thursday, reaching $5.1650 per pound ($11,367 per tonne), creating a significant $1,500 gap between US and London Metal Exchange (LME) prices. This surge comes amid pre-emptive buying in anticipation of potential tariffs.
The U.S. Commerce Department is investigating the need for import tariffs on copper, with results expected within 270 days. Goldman Sachs forecasts LME copper prices may peak at $10,050 per tonne in August as global supplies tighten, and anticipates a price retreat below $10,000 after import levies are likely enacted in September. Notably, ready-to-ship LME inventories have plummeted by approximately 80% this year, now less than a day’s global usage.
While benchmark 3-month copper on the LME increased by 1.7% to $9,888 per tonne, the market volatility has seen copper prices fluctuate dramatically, having risen over 25% year-to-date.
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