Copper has surged to new all-time highs in New York as traders accelerated shipments, fearing import tariffs.
The COMEX contract for September delivery closed at $6.7180 per pound.
Meanwhile, the London market moved above $14,000 a ton, but the spread between the two still remains above $300, showing the magnet effect of the U.S. market.
The Commerce Department missed a June deadline to recommend whether to impose phased duties on refined copper imports, which could begin at 15% in 2027 and rise to 30% in 2028.
Traders have nevertheless acted on the prospect.
