Copper futures climbed toward $5.6 per pound on Monday, trading near record highs after China’s industry ministry pledged to stabilize growth in key sectors such as machinery, autos, and electrical equipment. The initiative aims to modernize production and could boost demand for industrial metals. Beyond downstream industries, the action plan covers 10 core sectors, including steel, nonferrous metals, petrochemicals, and construction materials, adding further support to the metals market.
Copper prices surged to all-time highs earlier this month after US President Donald Trump announced a 50% tariff on copper imports starting August 1. The move is intended to consolidate the domestic copper industry and reduce dependence on refined imports. As a result, the premium between US copper and comparable futures on the LME hit a record 25% as traders accelerated shipments to the US ahead of the tariff deadline.
