Copper prices surge after Trump announces 50% tariffs

Copper futures in New York recorded a historic jump after US President Donald Trump announced his intention to impose a 50% tariff on copper imports, a move expected to cause widespread disruption to global supply chains and impact various industries dependent on the red metal.

Comex contracts rose by as much as 17% in a single day, the highest daily rise on record, before falling again by more than 4% in early Wednesday trading.

Copper in New York traded at $5.5085 per pound this morning in Shanghai, representing a 24% premium compared to similar contracts on the London Metal Exchange, which fell 1.7% to $9.627 per ton.