However, prices have come under pressure after Bloomberg reported that the US administration aims to introduce tariffs on copper imports within weeks, instead of months as had been widely anticipated.
Copper prices are set to “collapse” over the next few months as a worldwide dash to ship the metal to the US ahead of possible tariffs comes to an end, according to BNP Paribas.
Prices for the bellwether industrial metal hit a nine-month high above US$10,000 ($13,400) a tonne on the London Metal Exchange earlier this week, amid warnings that efforts to front-load US imports ahead of tariffs proposed by US President Donald Trump would leave the rest of the world critically short of metal.
