“On Tuesday, the September copper contract on the CME surged to an all-time high of $5.732 per pound, extending its rally since President Trump’s mid-July tariff announcement. That move vaulted copper above $5/lb. and lifted its gains to more than 40% for 2025—making it the top-performing major commodity this year, even ahead of gold.
As the August 1 deadline for a 50% U.S. import levy draws near, traders have pulled back on inbound shipments and are tapping domestic inventories. ANZ Bank analysts told Reuters that this shift may temporarily sustain prices but could create downward pressure once U.S. stockpiles dwindle. London futures echoed the strength, rising 0.8% to about $9,860 per tonne.”