Copper soars to record high after Trump threatens 50pc tariff

Copper prices surged at a record pace to an all-time high after Donald Trump said he planned to impose 50pc tariffs on imports of the vital metal, according to the Telegraph.

US contracts of copper, an essential part of electrical cables and devices, climbed as much as 17pc to an all-time high after the President’s comments during a White House cabinet meeting.

It was trading at an unprecedented 25pc premium to the equivalent contract in London after the record spike.

Mr Trump said: “I believe the tariff on copper, we’re going to make it 50pc.”

The President’s remarks could inject further instability into a global economy that has been shaken by the tariffs he has imposed or threatened on imports to the world’s largest consumer market.

Analysts at Citigroup called it a “watershed moment for the copper market in 2025” which would “abruptly close the window for further significant US-bound copper shipments”.

Juan Carlos Guajardo, founder of consultancy Plusmining, said: “In the short term, the price is going to rise significantly because the market was discounting the fact that a lower tariff would be imposed.

“So there will be a lot of buying before the tariff goes into effect.”

The US futures contract for copper later fell more than 4pc, while the benchmark contract on the London Metal Exchange actually slid as much as 2.4pc at the open before trading at about $9,722 a ton in Singapore.