1306 ET - High American copper prices and outsized imports of the industrial metal into the U.S. look set to continue for some time, TD Securities' Bart Melek and Ryan McKay suggest. The strategists note the price gap between nearby U.S. copper futures and the global benchmark London Metal Exchange has widened to a record $1,589/ton as traders priced in the likelihood the Trump administration's promised 25% import tariffs on copper will be imposed sooner than expected. They think the price differential will be a reality for the foreseeable future since the U.S. will remain a very large copper importer, shipping in around 800,000 tons from foreign sources to meet demand for 1.7 million tons. A 25% tariff may make U.S. mines economic, but it will take years to build new mines and reopen U.S. smelters, they say. (robb.stewart@wsj.com)
(END) Dow Jones Newswires
March 31, 2025 13:06 ET (17:06 GMT)
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