New York copper traders are paying a record premium over the price in London to buy the industrial metal, as they try to secure supply ahead of possible US tariffs.
The gap between the benchmark New York Comex futures price and the London Metal Exchange price widened to more than $1,160 per tonne this week, surpassing its February high point of about $1,149 — a new record, according to Refinitiv data that goes back to 2020.
US President Donald Trump last month ordered a probe into “the threat to national security from imports of copper”, which could result in tariffs being imposed on the metal. Levies of 25 per cent have already been introduced on all aluminium and steel imports.
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