U.S. tariff fears drive COMEX copper to record $6.7180/lb as refined-import duties may reach 30% by 2028
AI Market Summary
Copper is printing new highs as tariff uncertainty pulls physical supply into the U.S., widening the COMEX-LME spread and reinforcing tight near-term availability. Potential phased U.S. duties on refined imports are already altering trade flows, while disruptions to sulfuric acid supply threaten SXEW output in Chile and the DRC and Codelco's pause adds downside supply risk. The rally also underscores China's dominant refining position.
Impact level
● High
Affected assets
NCCO724COPPER2USD/USDT+0.15%
AI Insight · NCCO724COPPER2USD/USDTAI Insight
▲ Bullish
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The U.S. Commerce Department missed a June deadline to advise on tariffs for refined copper imports, with phased duties that could start at 15% in 2027 and rise to 30% in 2028. COMEX September copper settled at $6.7180 per pound while London prices moved above $14,000 a ton, leaving a spread of more than $300. Global X Copper Miners ETF (NYSE:COPX) rose 3.25% and is up 18.70% year-to-date. China’s grip on about 60% of global smelting and refining capacity is drawing attention as supply dynamics tighten.
