Copper's record-setting run is showing no signs of dulling.

Prices for the metal climbed to record highs in London and New York today, fueled by a combination of supply-and-demand challenges and tariff fears:

-- Copper futures in New York climbed nearly 2% to $6.81 a pound, bringing their year-to-date gains to nearly 20%.

-- Futures on the London Metal Exchange touched an intraday high of $14,635. The metal is up nearly 17% this year.

This year's copper rally has been fueled, in part, by expectations of voracious demand for the metal for years to come amid expanding needs for data-center construction, power-grid upgrades, electric vehicles, and renewable-energy installations. But rising demand has collided with supply challenges: Production has declined in some of the world's biggest mining countries.

Adding extra fuel to the price surge are fears that President Trump could place new import taxes on refined copper. While the refined metal was carved out of copper tariffs announced last summer, the Commerce Department previously proposed a 15% tariff on refined copper imports effective January 2027, escalating to 30% in 2028.