Lates News

After President Trump announced a 50% tariff on imported copper, copper prices in the United States surged to a historic high of $5.8955 per pound on Tuesday. Futures contracts for this key metal used in wires and motors rose by as much as 16%. Dow Jones market data showed this to be the largest single-day increase since 1968. LME copper initially rose but then fell to $9,569 per ton. The Trump administration had indicated several months ago that it was preparing to impose tariffs on copper under a law allowing the president to levy tariffs on goods necessary for national security. Morgan Stanley recently informed clients that with the US Department of Commerce studying the imposition of tariffs in recent months, American companies have been importing a large amount of shipping products, apparently to stockpile supplies. This has driven up US copper futures prices by over 36% this year.