COMEX Copper futures surged after President Trump ordered an investigation into Copper imports on national security concerns, paving the way for tariffs down the road, ING’s commodity analysts Warren Patterson and Ewa Manthey notes.

COMEX Copper futures up more than 3%

"The US imports roughly 45% of its Copper needs. As such, it’s not a surprise to see COMEX Copper futures up more than 3% at the time of writing. This move has also seen the COMEX/LME arbitrage widen back towards $900/t."

"The risk of Copper tariffs has the COMEX/LME arb behaving in a volatile manner in recent weeks. It briefly spiked above $1,000/t following the announcement of tariffs on steel and aluminium imports."