increased sharply due to tariff concerns

May copper futures on the Comex exchange in the US rose 4.9%.

The most-active May copper futures contract on the Comex exchange in the US rose 4.9% to $4.781 a pound, the highest price since February 14.

US futures outperformed three-month copper on the London Metal Exchange, rising 2.2% to $9,549 a tonne in formal open trading after hitting $9,564, its highest price since Feb. 21.

"The New York futures market is now completely decoupled from the global market," said Ole Hansen, head of commodity strategy at Saxo Bank.

Comex copper’s premium to the LME was last at $1,005 a tonne, compared with $737 a day earlier. Prices peaked at $1,153 on Feb. 13.

US President Donald Trump's new 25% tariffs on most imports from Mexico and Canada take effect on Tuesday, along with a doubling of tariffs on Chinese goods to 20%. Trump's 25% import tariffs on aluminum and steel are scheduled to take effect on March 12.

In February, Trump also ordered an investigation into copper import tariffs. While such investigations typically take months, the market has been trying to guess what the final tariff figure might be.

LME copper is on track for its biggest daily gain in four months also as China, the world’s top metals consumer, unlocked more fiscal stimulus and German political parties proposed a 500 billion euro ($529 billion) infrastructure fund.

The US dollar continued to support the metal used in the power and construction industries, with the greenback falling against other currencies and daily LME data showing copper inventories in LME-registered warehouses continued to fall.

LME copper inventories on order fell to 148,300 tonnes, the lowest since June 14, after a net 10,275 tonnes of new cancellations in Asia. On-hand inventories have fallen 43% in the past two weeks.

Meanwhile, LME aluminium rose 0.9% to $2,640 a tonne in official trade, zinc rose 1.6% to $2,856, tin rose 0.8% to $31,825, lead rose 0.1% to $2,012 and nickel fell 0.2% to $15,950.

Source: https://kinhtedothi.vn/gia-kim-loai-dong-ngay-6-3-tang-manh-do-lo-ngai-thue-quan.html