U.S. copper prices are approaching historic highs as the market weighs the risks of tariffs on refined copper and the expectations of the reopening of the Strait of Hormuz.

Zhitong Finance APP learned that while investors are waiting for the Trump administration's decision on copper tariffs, progress regarding the potential reopening of the Strait of Hormuz has boosted market risk appetite, with New York copper futures hovering near historical highs. Data shows that COMEX copper futures are at $6.65 per pound, less than 1% lower than the historical peak set in May.