On Thursday, March 20, the price of copper on the London Stock Exchange rose to a five-month high, exceeding $10,000 per ton, the Financial Times reports.
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It is noted that copper prices have risen amid growing demand and fears of possible US tariffs.
At the start of trading, three-month copper futures on the London Metal Exchange reached a level last seen in October 2024.
In New York, traders are willing to pay a record premium for copper to ensure supplies to the United States.
The spread between the copper futures price on New York's Comex exchange and the price on the London Metal Exchange has widened to more than $1,254 a tonne this week, surpassing a February high of about $1,149. That's a new record, according to Refinitiv data going back to 2020.
StoneX analyst Natalie Scott-Gray said that if a 25% tariff on copper imports were introduced, the difference between copper prices in the US and London could increase to $2,000 per tonne.
Copper is used in many industries, including technology, construction and renewable energy.
Let us recall
The Finance Ministry wrote that the international rating agency Fitch Ratings revised upward its forecast for copper and aluminum prices in the coming years due to imbalances in the global market, and for gold due to geopolitical tensions.
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