Copper futures settled to a record high on Tuesday, surpassing the previous high of $5.199 set on May 20, as markets factored in the possibility of hefty import tariffs on the industrial metal. Copper prices surged further by weak American currency after recent US economic data showed that Mar consumer confidence fell to a 4-year low, and February new home sales gained less than expected. Moreover, Glencore Plc temporarily suspended copper shipments from a copper smelter in Chile after an issue affecting the plant’s furnace, also kept copper prices to record high.
Copper futures for May delivery surged $0.118 to settle at $5.2105 a pound on the Comex metals division of New York Mercantile Exchange. Copper on the London Metal Exchange was up by 1.57 percent at $10,112 a ton.