Trump tariff threat drives up 'Shanghai premium' on copper

Panic-buying leads to higher costs in China and elsewhere

20250522N Copper

U.S. traders bought up copper on fears of tariffs, driving up prices in China, the world's largest copper consumer. (Photo obtained by Nikkei) 

SHUGO YAMADA

TOKYO -- U.S. President Donald Trump's threat of tariffs is roiling the international copper market, with the "Shanghai premium" facing Chinese importers creating ripple effects elsewhere.

After Trump hinted he may levy tariffs on the metal in February, U.S. manufacturers and traders rushed to import it. That led to shortages in China, the world's largest copper consumer, driving up import prices.

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