Copper traders are once again scouring the world for metal to send to the US, as renewed speculation about import tariffs revives a trade that’s upended the $300 billion-a-year market.
The on-off threat of import tariffs from President Donald Trump has dominated the copper market over the past year, often driving prices on New York’s Comex above global benchmarks and creating a massive opportunity for traders to profit by shipping metal to the US.
In recent months, US copper imports had slowed after softer Comex prices made shipments unprofitable. But a pick-up in the spread between Comex and the London ...