Trump’s Looming Copper Tariffs: Forget Gold, Buy Copper! COMEX Copper Prices Hit Record High, Up 30% YTD

TradingKey - 2025 is shaping up to be not just a year of record-breaking gold prices but also a banner year for copper. Despite expectations of slowing global growth potentially dampening demand, fears of possible Trump tariffs on copper imports have driven New York copper futures to historic highs.

On March 25th, the copper futures price on the New York Mercantile Exchange (NYMEX) rose more than 2.5% intraday, reaching a maximum of $5.2285 per pound, exceeding the previous historical high of $5.199 per pound set in May 2024. The current price of New York copper futures is $5.2508 per pound, with a year - to - date increase of about 30%.

[NYMEX Copper Futures Price, Source: Investing.com]

Gold prices also hit a record high this year, reaching $3,057 per ounce,while its 13% YTD gain lags behind copper’s rally.

While both the London Metal Exchange (LME) and NYMEX copper prices serve as global benchmarks, persistent intermarket spreads have widened to unprecedented levels due to regional supply-demand imbalances and positioning dynamics. The recent surge in COMEX copper prices has further exacerbated this divergence.

With Trump launching an investigation into copper imports and tariffs looming, traders are racing to reposition inventories to capitalize on arbitrage opportunities.

Mercuria Group estimates that roughly 500,000 metric tons of copper are currently being rerouted to the U.S., creating severe shortages in other global markets.

In February, Trump directed the U.S. Commerce Department to investigate copper import practices, framing the move as critical to revitalizing America’s copper industry—a sector deemed vital to national defense and manufacturing.

Goldman Sachs and Citi predict the U.S. will impose a 25% tariff on copper by year-end. Recent reports suggest Trump could act within weeks—far sooner than Wall Street expects—to slap tariffs on the metal.