Copper’s Huge Tariff Bet Is Back as Traders Bid for US Supplies

Commodity traders are paying big incentives to secure US-bound shipments of copper, in a sign that a hugely lucrative tariff trade that’s rocked the copper market this year is back.

Several large trading houses including Mercuria Energy Group, Vitol Group and Trafigura Group have approached Chilean producers to lock in US annual supply deals for 2026 in recent weeks, with some paying more than $500 a ton over benchmark prices on the London Metal Exchange, according to people with knowledge of the matter. Representatives for Mercuria and Trafigura declined to comment, while a spokesperson for Vitol didn’t reply ...