Copproached $14,000 a ton in London, its highest level in two months, as signs of tightening short-term supply converged with accelerating tariff speculation.
U.S. copper futures on New York's Comex climbed to a record $6.69 per pound before retreating to close lower on the session. The intraday pullback did not erase the contract's broader advance.
Traders have been moving refined copper into the United States ahead of an expected import tariff decision by President Trump. That repositioning has swelled domestic inventories and widened the Comex premium over London Metal Exchange copper past $500 per ton.
Mine disruptions globally have compounded the supply picture, adding physical tightness to a market already distorted by tariff arbitrage.
Copper's approach toward $14,000 a ton puts it near the record set earlier this year. The metal is a primary input for construction, electronics, transportation and data center buildout tied to artificial intelligence infrastructure.
Trump has not announced a final tariff decision. Any formal action on copper imports could sharpen the Comex-LME spread further or trigger a reversal if the announced rate falls below market expectations.
Additional mine disruptions or a demand slowdown in key manufacturing economies remain the principal downside risks to current price levels.
