Copper reached an all-time high of $14,617 a ton on the London Metal Exchange, extending its rally for a fourth consecutive session. The metal has gained approximately 17% this year, driven by tight near-term supply and steady industrial demand. Traders continue pricing in a potential 50% tariff on refined copper products, even though the White House has yet to issue anything, with the Commerce Department’s report now roughly two months overdue. Copper has surged more than 68% since April 2025, a rally that predates the current tariff speculation. Analyst Jim Bianco notes that this advance is fueled as much by policy expectations as by the structural supply deficit in global production.
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