[Tariff Expectations Ignite Rally, LME Copper Price Hits Record High] According to Golden Finance, on September 7, copper prices on the London Metal Exchange (LME) surged to a historic high, fueled by market expectations that Trump would expand U.S. tariffs to include refined metal imports. LME benchmark three-month copper futures rose as much as 0.8% to $14,533 per ton, breaking the record set in January. Over the past year, copper prices have risen 17%, supported by a long-term supply-demand mismatch—aging large-scale mines worldwide are struggling to keep up with consumption demand from data centers, renewable energy, and power grids. This backdrop has kept copper bulls optimistic for years. However, short-term factors have taken center stage, particularly the tens of thousands of tons of copper shipped to the U.S. this year by traders seeking to profit from higher prices there. Nearly two months after the U.S. Department of Commerce submitted recommendations to the White House, the market is still pricing in the possibility of tariffs.