The copper price rallied by over 4% to near its $4.8368 February high as US President Trump signed an executive order directing the Commerce Secretary to investigate the national security implications of copper imports, which may lead to the imposition of tariffs aimed at boosting domestic production.
This development raised concerns about potential supply constraints, prompting a surge in copper prices. Additionally, JP Morgan‘s forecast of a global deficit in refined copper, anticipating a 10% tariff on refined copper imports by late third quarter (Q3) of 2025, further contributed to market apprehensions and price increases.
While the February peak isn’t overcome, a gradual slip back towards the 25 February high at $4.7015 may ensue.
Were the February peak at $4.8368 to be exceeded, though, the late May 2024 high at $4.9033 would be targeted ahead of the psychological $5.0000 mark.
Copper daily chart