Bloomberg: COMEX copper prices surge to historic peak

Copper prices on COMEX surged to a record $5.2 per pound on Tuesday, eclipsing the previous all-time high of $5.1 set May 20. The price rally followed Glencore's temporary suspension of copper shipments from its Altonorte smelter due to equipment failure, Bloomberg noted.

The monthly copper contract has surged 29% year-to-date, creating an unprecedented price divergence between the London Metal Exchange (LME) and US COMEX markets, Bloomberg reported.

COMEX copper prices began trading at a premium to LME benchmarks in January. The price differential reached a record high following the US President's tariff announcement, peaking at over $1,400 per ton on Monday.

Analysts at Goldman Sachs and Citigroup forecast that Donald Trump may implement 25% tariffs on copper imports at the end of this year. Both institutions note the US is likely to see substantial copper inflows ahead of any such policy change.