Recently, global copper prices have continued to climb, with the copper price on the London Metal Exchange (LME) nearing USD 10,000 per ton. The current price stands at USD 9,797 per ton, representing a nearly 12% increase within the year. Market concerns over potential tariffs on copper by the Trump administration have triggered a rush to import copper in the US, which could lead to an imbalance in global copper inventory distribution and further impact metal prices.

Currently, LME copper prices have reached their highest level since October. Citigroup forecasts that copper prices will break through the USD 10,000 per ton mark within the next three months, with global copper markets expected to remain tight until US import tariff policies are clarified. Additionally, UBS predicts that copper prices could rise to the range of USD 10,000-11,000 per ton in 2025.

Market analysts note that Trump’s tariff policies not only directly affect copper prices but could also have broader impacts on the market by fueling inflation and suppressing economic growth.