On Thursday, July 24, as the US was expected to impose copper import tariffs, COMEX copper futures hit a record high on Thursday, with the premium over LME copper futures widening further.
As of 19:58 Beijing time, the most actively traded COMEX copper contract rose 1.31% to $5.8955 per pound, earlier touching $5.9585, a historic high.
LME three-month copper futures fell 0.17% to $9,913.50 per mt.
Based on this, the premium of COMEX copper futures over LME copper futures rose from 29% on Wednesday to 31%.
This premium is still lower than the 50% import tariff that US President Trump is expected to impose on copper. The market is still waiting for confirmation of the August 1 deadline and the list of commodities that will be taxed.
Ewa Manthey, an analyst at ING commodities, said, "We are cautious about the current rise in copper prices. Any change in Trump's tariff policy, whether it's an exemption or a reduction in the tax rate, will lead to a decrease in the COMEX premium."
Data showed that as of July 23, COMEX copper inventories stood at 245,508 short tons, having surged 163% over the past four months, but the inflow rate has slowed down in recent days.
Manthey said this trend is likely to continue, improving copper supply outside the US and curbing global copper prices.
For other metals, LME zinc futures fell 0.23% to $2,855.50 per mt, earlier touching a four-month high of $2,880.
LME three-month tin futures rose 0.12% to 34,895 yuan per mt, earlier touching the highest level since April 7 at 35,100 yuan per mt.
LME three-month nickel futures were basically flat at $15,570 per mt, earlier touching the highest level since May 23 at $15,640 per mt.
LME three-month aluminum futures changed relatively little at $2,650 per mt; LME three-month lead futures fell 0.10% to $2,030 per mt.
(Wenhua News)
