The global benchmark price was set on the London Metal Exchange at $9,786 a tonne.
Copper prices have rallied in recent weeks after US President Donald Trump signed an executive order initiating a Section 232 review of copper imports. These investigations assess the impact of imports on national security.
Meanwhile, major commodity traders such as Glencore and Trafigura are rushing to ship copper to the US ahead of the potential tariff announcement, aiming to maximize profits.
“We believe the tightening in the non-US physical market is likely to persist into May or June, temporarily offsetting price headwinds from broader tariff announcements,” Citigroup analysts said.
Citigroup's outlook marks a change from its February forecast, when the bank predicted copper would fall to $8,500 a tonne in the second quarter.
Supply constraints also persist. Chile, the world’s largest copper producer, saw output fall 24% month-on-month in January, marking a nine-month low, while demand from smelters continued to rise.
Morgan Stanley also predicts copper prices will continue to rise amid expectations of possible US tariffs.
“With tariffs still in place, there is a strong incentive to export metals to the US, which also tightens markets in the rest of the world,” Morgan Stanley noted.
Source: https://kinhtedothi.vn/gia-kim-loai-dong-ngay-17-3-san-giao-dich-london-se-dat-10-000-usd-tan.html
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