Copper Prices on Comex Exchange Hit All-Time High

US copper futures on the Comex exchange reached an all-time high of $5.2255 per pound on Tuesday, surpassing the previous record of $5.199 set in May.

This surge was fueled by two key factors: market speculation about substantial import tariffs and a report that Glencore temporarily suspended shipments from its Altonorte smelter in Chile due to furnace issues.

The front-month contract has increased 29% in 2024, creating a historic disconnect between US prices and the London Metal Exchange global benchmark.

This price gap began widening in January and reached a record differential of over $1,400 per ton on Monday, following Trump’s directive for a national security investigation into potential copper tariffs.

According to Quantix Commodities’ Matt Schwab, uncertainty around tariff implementation will likely keep this price difference elevated.