Copper Hits Record High on Supply-Demand Imbalance and US Tariff Speculation

Copper prices reached a record high on the LME, driven by persistent supply-demand imbalance from energy transition, AI, and defense demand, plus speculation of new US import tariffs. The immediate catalyst is market speculation about Trump imposing tariffs on copper imports, which could tighten US supply further. The record high signals strong market conviction in structural demand growth, but tariff uncertainty adds a speculative premium.