After copper prices hit record highs on Western commodity exchanges, the metal began to lose value: the decline was triggered by reports that the United States might pause the introduction of new import tariffs on the metal. Expectations of new tariffs supported the premium of copper prices on the U.S. COMEX exchange over LME prices, which reached $400–600 per tonne in the summer, and encouraged shipments of the metal to the United States.

Experts believe that even without new tariffs, fundamental factors—rising demand for the metal, a supply deficit, and problems with launching new mines—will continue to support prices. At the same time, analysts allow for a correction if demand from the technology sector changes or China’s economy slows.

What price level for the metal could prove sustainable, and is there a copper bubble in the market—RBC investigated.

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