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Copper is at this week at record prices, above US$10,000 a tonne on the back of Trump’s claims he’ll place a 50% tariff on the electrification metal – the latest tailwind for the megatrend metal.
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Since early this year, the White House has been hinting through its various mouthpieces that the U.S. plans, like steel and aluminium, to tariff copper metal. And now, overnight, the (apparent) confirmation has dropped, as Trump starts to change the goalposts on international trade policy once again.
He’s threatened higher tariffs on Japan, he’s reintroduced the idea of 40% blanket tariffs, and now, copper has finally fallen under the spotlight.
For a few months, the White House has been carrying out a ‘review’ into copper, and the market apparently forgot about that.
Presumably, the U.S. President wanted something else up his sleeve for a while.
And now he’s used it: copper’s hit record prices.
Per the above TradingEconomics data, the price of copper futures has surged over +3% in one session after the news dropped just before lunchtime AEST.
Interestingly, copper miners weren’t dominating the top gainers list at the same time on Wednesday, but the day isn’t over yet.
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