Copper futures surged to record highs above $5.8 per pound before retreating to around $5.5 per pound, after US President Donald Trump announced plans to impose a 50% tariff on copper imports. The move is aimed at bolstering domestic production and reducing reliance on foreign supply as the US currently imports nearly half of its copper, with Chile as the primary source. The new tariff brings copper in line with existing 50% duties on steel and aluminum, further escalating trade tensions and fueling volatility in the metals market. US Commerce Secretary Howard Lutnick confirmed that the investigation into copper imports has concluded, and said he expects Trump to sign a formal proclamation by the end of July. Traders anticipate the higher premium will attract more shipments into the US in the short term, potentially tightening global supplies and exacerbating market imbalances.
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