[Christian Harris]

Copper surged toward $5.10 per pound on Friday, testing record highs as President Trump’s tariff threats sparked a scramble in the US market.

The President’s executive order to review copper imports has fuelled speculation about tariffs, driving up premiums on US copper futures to over $0.50 per pound above LME prices.

With domestic smelting capacity limited to just two major facilities, any tariffs would exacerbate supply constraints, making the US increasingly reliant on its limited production.

Meanwhile, demand from China—the world’s largest copper consumer—remains robust.

For short-term traders, copper’s rally highlights opportunities amid heightened volatility.

Keep an eye on tariff developments and China’s economic policies, as they could dictate the next big price move.

Will copper break new records, or is this a speculative peak? 🤔📈

Chart: Trading Economics

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[Steve]

Good summary. Nations might start considering copper and other industrial metals as vital strategic assets, prompting a rise in protectionist measures or increased stockpiling efforts.

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[Christian Harris]

Absolutely Steve—copper and other industrial metals are quickly becoming the “new oil” in the race for green energy dominance.

With copper’s critical role in EVs, renewable energy, and infrastructure, nations could ramp up stockpiling or impose export restrictions to secure their supply chains.

China’s already ahead of the curve, aggressively buying up global copper reserves, while the US might follow suit as it pushes for clean energy independence.

For traders, this could mean increased volatility in industrial metal prices and potential opportunities in mining stocks or ETFs tied to copper and rare earths.

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