Copper targets $10,000 as Trump threatens tariffs

The price of copper almost exceeded $10,000 per ton against the backdrop of US President Donald Trump's statements on the likely introduction of tariffs on this metal. As a result, traders began to actively supply copper to the United States, which led to a deficit in other markets, Bloomberg reports.

Goldman Sachs and Citigroup experts, as well as some other analysts predict that 25% import duties on copper may be introduced in the United States by the end of 2025.

According to Bloomberg data, the gap between copper prices on the New York and London exchanges creates an incentive for further shipments of the metal to the US. More than 100,000 tons of copper may already be on its way to the United States. According to sources familiar with the matter, leading market players, including Trafigura Group and Glencore Plc, are diverting metal from Asia to America.

However, trade tensions are not the only force influencing copper prices. Projected growth in global demand, the weakening dollar, and the existing supply chain deficit also strengthen the industrial metal prices. At the same time, US copper producers face additional costs associated with the possible tariffs.