Copper prices have climbed in recent weeks following U.S. President Donald Trump’s order to investigate imported copper, prompting exporters to accelerate shipments to circumvent potential import tariffs. The London Metal Exchange (LME) copper price, overseen by HKEX (00388.HK)  +10.200 (+2.993%)    Short selling $301.96M; Ratio 13.574%   , hit its highest level since October 2024.

Citi revised its copper price outlook, shifting from an earlier prediction of a decline to USD8,500 per ton in 2Q25 to a new forecast of USD10,000 per ton over the next three months. The broker expected global copper markets to remain tight until clarity emerges on the timeline for U.S. import tariffs.

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Analysts including Max Layton from Citi noted in an email that physical copper markets outside the U.S. are likely to stay beleaguered through May or June, temporarily offsetting price headwinds from broader U.S. tariff announcements.

Trump had signaled intentions to impose tariffs on imported copper, but the U.S. Department of Commerce must first complete its investigation before making recommendations.

The latest copper price stood at USD9,797 per ton, reflecting a YTD gain of approximately 12%.

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Meanwhile, China, the world’s largest copper producer, recently issued more export permits as copper refineries wrestled with deeper losses and fierce competition.

Citi added that a collapse in tariff-driven demand for imported copper could lead to a price retreat, while anticipating the implementation of Section 232 copper tariffs drawing closer.
(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2025-04-30 16:25.)