Copper futures traded in New York surged to a record high Wednesday on a report that U.S. tariffs on imports of the metal are set to be coming within several weeks, months earlier than the deadline for a decision.
Copper on New York’s Comex hit a record $5.374 a pound earlier and recently was trading at around $5.277 per pound.
U.S. President Donald Trump had told the Commerce Department to launch a probe into tariffs on copper on Feb. 25 and submit a report within 270 days of that date. The investigation is “now expected to be resolved sooner,” Bloomberg reported, citing people familiar with the matter.
The White House didn’t immediately respond to an Investopedia request for comment.
Copper prices have risen in recent years to meet demand from large data centers to power artificial intelligence (AI).
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