Fear of U.S. President Donald Trump's tariff policy has caused copper prices in the United States to soar, hitting an all-time high.
According to the Wall Street Journal (WSJ) on the 30th (local time), copper futures prices in the U.S. surpassed the previous high set in May of last year, reaching $5.183 per pound on the 25th. It closed at $5.1125 per pound on the 28th, marking a 28% increase this year alone.
The WSJ noted that the London Metal Exchange copper price, the international benchmark, is approximately $4.44 per pound, representing a 13% increase this year, describing it as "an unprecedented price gap."
Earlier last month, President Trump directed an investigation into the impact of copper imports on U.S. national security, hinting at the potential for tariff implementation. Earlier this month, he also signed an executive order to increase the domestic production of minerals, including copper.
Regarding the surge in U.S. copper prices, the WSJ stated, "This signals that costs for domestic manufacturers are rising due to tariff threats." There are concerns that President Trump may impose tariffs on copper imports, prompting copper suppliers and U.S. manufacturers using copper to rush to stockpile it.
The WSJ explained, "Copper is used in the manufacturing of all products, from automobiles to mobile phones, and it also supplies electricity and water through wires and pipes," adding, "Consumption has increased due to the modernization in China, the rise of renewable energy production, and a boom in data center construction over the past few decades."