Copper prices surged to their highest level since March’s record peak on Thursday, driven by frantic buying ahead of potential U.S. import tariffs.
On the Comex in New York, copper futures for September delivery jumped over 3% in early trading, hitting a high of $5.1650 per pound ($11,367 per tonne). This dramatic rise has pushed the premium for copper in the U.S. over the London Metal Exchange (LME) price to an exceptional level of around $1,500 per tonne. In contrast, the LME benchmark three-month copper contract rose only 1.7% to $9,888 per tonne during early London trading.
In the March 2025 episode of METALS100, Elmer Stewart, President and CEO of CopperFox Metals (TSXV: CUU) , provided updates on the company’s development, shared project details, and discussed their share price trends. Copper Fox is a Canadian exploration and development company focused on Tier 1 copper projects located in Canada and the United States. The company recently announced that it closed non-brokered private placement for $0.205 per Unit for aggregate gross proceeds of $1,500,000.
Copper has experienced extreme volatility in 2025. After reaching an all-time high at the end of March, prices plunged, nearly falling below the $4 per pound mark just two weeks later. Despite this rollercoaster, copper remains up more than 25% year-to-date.
The current rally stems from market anticipation of U.S. tariff policy. In February, the White House directed the Commerce Department to investigate the necessity of imposing tariffs on copper imports. The final report from this investigation is due within 270 days. This move has already triggered a significant increase in shipments of copper bound for the United States.
Investment bank Goldman Sachs, in a recent report, highlights a developing regional imbalance. While the global copper market is currently in surplus, supply outside the U.S. is tightening rapidly, creating localized shortages. LME inventories of readily deliverable copper have plummeted by roughly 80% this year. Analysts at the bank forecast LME copper prices will climb to around $10,050 per tonne in August, approaching the 2025 peak. However, they expect prices to retreat below $10,000 per tonne once a potential 25% U.S. import tariff takes effect in September.
Goldman Sachs warns that shortages could intensify before any tariffs are implemented. As traders divert copper shipments to the U.S. to capture high premiums in the physical market and avoid potential tariffs, stocks are being drained from the rest of the world.
