COMEX copper futures hit record highs amid US tariff policy disruptions

On July 8 (Tuesday), US copper prices surged by over 12%, reaching a record high of over $12,330 per mt, driven by disruptions caused by US tariff policies.

In February this year, the US initiated an investigation into the possibility of imposing tariffs on copper imports, aiming to support domestic production and encourage investment in new capacity. The deadline for this investigation is November.

The tariff threat has led to a significant premium for COMEX copper prices over those on the London Metal Exchange (LME).

Traders expect that this record premium will attract more copper semis to flow into the US.