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Copper in London Retreats From $10,000 as US Prices Edge Higher - BLOOMBERG
(Bloomberg) -- Copper in London slipped after reaching $10,000 a ton for the first time in five months as the dollar pushed higher as traders assessed uncertainty surrounding a trade war and its impacts on the global economy.
Meanwhile, copper futures on New York’s Comex edged higher, pushing closer to an all-time high reached last May, as traders anticipate US import tariffs on the wiring metal. Comex prices rose 0.2% to close at $5.112 a pound as of 5 p.m. in New York, extending gains this year to 27%.
Trump last month ordered his Commerce Department to investigate the nation’s imports of copper as a likely precursor to imposing duties. Since then, US prices have spiked and traders have rushed to send metal to America ahead of any tariffs, in turn reducing availability in the rest of the world. Trump has already slapped 25% import levies on steel and aluminum, hit Canada, Mexico and China with duties and promised sweeping “reciprocal” tariffs as soon as April.
Copper on the London Metal Exchange fell 0.5% to settle at $9,936.50 a ton at 5:53 p.m. local time, while on New York’s Comex traded close to a record high.
