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Copper futures rise amid tariff concerns
US copper futures rallied 6% on Monday, expanding the price gap with the London prices amid speculation about new US tariffs after Trump raised steel tariffs from 25% to 50%.
US copper futures rose 5.7% today to $4.9175 a pound, the highest since April 3, while three-month standard prices rose 1.1% to $9597 a ton at the London metals exchange.
The US-London price gap expanded to $1231 a ton, compared to $759 on Friday.
In February, Trump ordered an investigation into the use of potential tariffs on copper imports to boost US production of this critical mineral for EVs, chips, and military equipment.
Aluminium prices settled at $2443 a ton at the London Exchange away from May 12 lows at $2425, while US aluminium premium on the London price rose by 54% compared to Friday to $1279 a ton.
Lead prices rose 0.9% to $1975, while zinc added 1.7% to $2663, as tin rose 0.8% to $30,600, while nickel climbed 0.9% to $15,365.
A weaker dollar bolstered industrial metals and made them cheaper to holders of other currencies.
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