Copper prices rise on strengthening US demand

As reported by Reuters, copper prices continue to rise, driven by increased demand in the United States. In recent weeks, news about the possible introduction of tariffs on copper imports by President Donald Trump has added uncertainty to the market. On the London Metal Exchange (LME), copper prices rose by 1.6% to reach $10017 per ton. On the US Comex, the price climbed to a record of $11430 per ton.

According to Reuters, copper is being actively redirected from the reserves of the London Exchange to the United States. Since the beginning of last month, the metal's stocks on the LME fell by 18% to 221,775 tons. Now the volume of canceled orders — metal intended for delivery — is 50% of the total reserves of the exchange.

Meanwhile, Trump announced possible new tariffs on copper imports to stimulate local production. However, the implementation of this policy may take a long time, the agency emphasizes. In this regard, many industries continue to rely on metal supplies from abroad.

The weakening of the dollar, which makes copper cheaper for buyers in other currencies, has also contributed to the rise in prices for the base metal.