Copper advanced in New York and London to kick off a crucial month that should deliver more clarity on the Trump administration’s plans for levies on imports of the metal to the US.
The US Commerce Secretary has until June 30 to give an updated recommendation to President Donald Trump on tariffs for refined copper — the most widely traded form. Ahead of that decision, the premium of US prices over the rest of the world has expanded again, prompting a renewed flow of metal to American ports.
That’s adding to other supportive factors to keep prices elevated, with the metal racking up a 5% gain in May. Efforts by the US and Iran to negotiate a ceasefire have also helped drive metals higher, while enthusiasm for assets linked to artificial intelligence has spilled over to copper.
Goldman Sachs Group Inc. boosted its price outlook for copper on the London Metal Exchange, raising its end-year forecasts by more than 10% as it sees US stockpiling and weaker-than-expected mine supply keeping the market tight. Copper will finish 2026 at $13,735 a ton, they said, versus a previous forecast of $12,465 a ton.
“US imports beat expectations in H1 2026, and we expect US imports to reaccelerate over the coming month, reflecting the now-open import arbitrage,” analysts including Aurelia Waltham wrote in a note. The bank’s base is for the US to again delay any tariffs on refined metal.
The Commerce Department shocked the copper market last year with a decision not to impose fees, instead recommending a staged introduction of levies starting at 15% on the first day of 2027. That’s the recommendation that the department is expected to revisit by the end of this month.
Copper on the LME was up 0.4% to $13,687.50 a ton on Monday by 11:44 a.m. in Shanghai, while heading for its highest close since May 14 on Comex with a gain of 1% to $6.45 a pound.
Other metals also advanced in London as investors monitored the latest developments from the Middle East. The US and Iran are still in negotiations to extend a ceasefire and reopen the Strait of Hormuz. While the chances of a deal still appear uncertain, signs of progress have eased fears about even worse disruptions for the global economy and metals demand.
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