Traders in the US are paying much higher prices for copper, aluminium and steel than their European counterparts as they rush to buy the metals ahead of President Donald Trump’s tariffs.
Trump on Sunday said he would impose 25 per cent tariffs on all steel and aluminium imports. He has also threatened to apply levies on imported copper.
The looming tariffs have created an unusually wide transatlantic price gap, with the premium for benchmark New York Comex copper futures widening to more than $800 a tonne over the London price, the highest level since at least early 2020. Comex copper on Monday was up 2 per cent at just over $10,000 a tonne.
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