Commodities
US Copper Hits Record High on Tariff Bets, Halted Shipments
US copper futures started surging above prices on the LME in January.
Photographer: Bartek Sadowski/BloombergThis article is for subscribers only.
Copper futures on New York’s Comex exchange surged to a record as traders price in the possibility of hefty import tariffs on the crucial industrial metal and on reports of halted shipments from top producer Chile.
Comex copper rose to $5.2255 a pound Tuesday, surpassing the previous record of $5.199 set on May 20. The all-time high also came after a Bloomberg report that Glencore Plc temporarily suspended copper shipments from its Altonorte smelter after an issue affecting the plant’s furnace.