New York copper futures prices are hovering near historic highs. On the one hand, investors are waiting for the US tariff policy decision, and on the other hand, watching the progress of the resumption of navigation in the Strait of Hormuz. Improved market risk appetite also supports copper prices. Since this year, copper prices on the New York Mercantile Exchange have increased by more than 17%, and the premium over the London Metal Exchange copper price has been further expanded. Traders are planning ahead of the copper import tariff measures that the US may announce. High prices in the US continue to attract large quantities of copper to US ports, leading to tighter supply in other regions. In the Middle East, concerns about the escalation of the US-Iran war have gradually given way to expectations of the reopening of the Strait of Hormuz. US President Donald Trump told reporters in Los Angeles that negotiations with Iran are progressing smoothly. While the US dollar weakened, copper prices rose, and lead, zinc, and aluminum prices also rose slightly. Comex copper prices remained flat at $6.65 per pound, less than 1% lower than the all-time high set in May. In the LME market, copper prices held steady after rising 1.4% on Tuesday to the highest closing price since May. The price of zinc rose 0.3% from the highest closing price since 2022; the price of aluminum rose 0.2%.

New York copper futures prices are hovering near historic highs. On the one hand, investors are waiting for the US tariff policy decision, and on the other hand, watching the progress of the resumption of navigation in the Strait of Hormuz. Improved market risk appetite also supports copper prices. Since this year, copper prices on the New York Mercantile Exchange have increased by more than 17%, and the premium over the London Metal Exchange copper price has been further expanded. Traders are planning ahead of the copper import tariff measures that the US may announce. High prices in the US continue to attract large quantities of copper to US ports, leading to tighter supply in other regions. In the Middle East, concerns about the escalation of the US-Iran war have gradually given way to expectations of the reopening of the Strait of Hormuz. US President Donald Trump told reporters in Los Angeles that negotiations with Iran are progressing smoothly. While the US dollar weakened, copper prices rose, and lead, zinc, and aluminum prices also rose slightly. Comex copper prices remained flat at $6.65 per pound, less than 1% lower than the all-time high set in May. In the LME market, copper prices held steady after rising 1.4% on Tuesday to the highest closing price since May. The price of zinc rose 0.3% from the highest closing price since 2022; the price of aluminum rose 0.2%.