This came after President Donald Trump announced that the United States would impose 50% tariffs on industrial metals as part of an escalation of the trade war.
The Financial Times reports that the prospect of higher tariffs on copper has sparked concerns about the supply and price fixing of the metal, which is widely used in electronics, construction, and industrial equipment.
Commerce Secretary Howard Lutnick told CNBC in an interview that he expects the tariffs to be imposed as early as the end of this month or in early August.
New York copper futures rose 13% to $5.69 per pound, a record and the most significant jump since 1969.
Chile is the largest supplier of refined copper to the United States, accounting for about 70% of imports in dollar terms, followed by Canada and Peru.
