US copper prices near historical highs as tariff expectations and easing tensions in the Middle East boost the market.

Copper futures prices in New York are hovering near historical highs, with investors waiting for the decision on U.S. tariff policies while also monitoring progress in the reopening of the Strait of Hormuz. The improvement in market risk appetite is also supporting copper prices. Since the beginning of this year, copper prices on the New York Mercantile Exchange have risen over 17%, further widening their premium relative to copper prices on the London Metal Exchange. Traders are positioning themselves ahead of possible announcements regarding U.S. copper import tariffs. High prices in the U.S. continue to attract a significant amount of copper shipments to U.S. ports, tightening supply in other regions. In the Middle East, concerns about an escalation in the U.S.-Iran conflict have gradually given way to expectations for the reopening of the Strait of Hormuz. U.S. President Donald Trump stated to reporters in Los Angeles that negotiations with Iran are progressing smoothly. As the dollar weakens, copper prices are rising, along with slight increases in lead, zinc, and aluminum prices. Comex copper prices are essentially flat at $6.65 per pound, just under 1% below the historical high set in May. In the LME market, after rising 1.4% on Tuesday to its highest closing price since May, copper prices remain stable. Zinc prices are up 0.3% from the highest closing price since 2022, while aluminum prices have risen by 0.2%.