NEW YORK — Comex copper futures reached an all-time high of $6.7045 per pound Wednesday, driven by persistent supply deficits and trader positioning ahead of potential U.S. tariffs on refined cop. London copper also marked fresh records.
Over 200,000 tonnes of copper arrived at U.S. ports in July as market participants locked in supplies before tariff implementation. The surge reflects arbitrage bets on import costs and tightening physical availability.
The Federal Reserve's interest-rate cut and upgraded growth forecast provided demand support for the industrial metal. Copper's outperformance relative to fixed-income assets illustrates capital rotation into commodities as yield compression persists across bond markets.
Middle East escalation, however, introduces demand uncertainty. The geopolitical overhang complicates the otherwise bullish supply narrative, creating two-way risk for holders of the metal.
