US prices of copper have been on a tear this year due to the fear that tariffs will be imposed on imports of the red metal. Futures prices have hit record highs on New York’s Comex, leading to a premium over the international benchmark in London — similar to the disconnect seen in the gold market.

The most actively traded copper futures contract in New York hit $5.374 per pound Wednesday morning before settling at a record $5.24 per pound. Copper prices have soared 30% this