Copper futures on New York's Comex exchange scored another record on Wednesday as demand rose ahead of next week’s reciprocal tariffs from the United States. Meanwhile, trading houses Mercuria and Trafigura and hedge fund Frontier Commodities had said at the Financial Times’ Commodities Summit in Lausanne that they expected the price on the London Metal Exchange to move sharply higher this year at $12,000 or more a ton. Although a stronger dollar kept copper prices under pressure.
Copper futures for May delivery surged $0.0325 to settle at $5.2430 a pound on the Comex metals division of New York Mercantile Exchange. However, Copper on the London Metal Exchange was down by 1.83 percent at $9,927 a ton.