Noor Trends News, Technical Analysis, Educational Tools and Recommendations
US copper prices hit an all-time high of $5.73773 per pound following President Trump’s announcement of a 50% tariff on copper imports, set to begin August 1. The news triggered a 0.65% single-day price jump, with prices reaching $5.54932 per pound.
By Wednesday evening, prices stabilized at $5.54932 per pound, up $0.03585 from the previous close of $5.51347 per pound. The US Comex futures premium over the London Metal Exchange (LME) global benchmark surged 138% to over $2,600 per ton, a record high.
This massive premium, compared to a historically near-zero gap, signals significant inventory flows into the US from Europe and Asia since February, fueled by tariff speculation. As the US imports nearly half its copper—essential for electronics, machinery, and infrastructure—experts warn of broad economic consequences.
US consumers may face copper costs of $15,000 per metric ton by August, compared to $10,000 globally, potentially driving up prices for cars, appliances, and other goods. This could increase US debt costs, affect jobs, and cause “demand destruction” as companies switch to cheaper aluminum.
Despite Trump’s focus on boosting domestic production, scaling up US mining could take years and require substantial investment, leaving consumers and AI infrastructure projects exposed to immediate price spikes. While some anticipate exemptions for major exporters, analysts describe this as a “pivotal moment,” predicting a global price retreat but ongoing strain in the US market.
