ANZ Group: Copper Prices May Hit Record in Early 2025 on Tariff Concerns

This forecast signals that trade policy, not just fundamentals, is now a primary driver for copper pricing. The tariff speculation creating a US price premium and redirecting global flows is a distortion worth monitoring, as it could lead to regional supply imbalances. The convergence of resilient demand from electrification and constrained South American output suggests a structurally tight market, but the record-high call hinges heavily on whether tariff threats materialize. The key question is how long the US premium can persist before arbitrage and demand destruction correct the dislocation.