Morgan Stanley Foresees Further Upside to Copper Prices Amid U.S. Tariffs

SEATTLE (Scrap Monster): In its most recent study, Morgan Stanley, a world leader in energy and commodities trading, predicted that global copper prices would likely continue to rise in the face of possible U.S. tariffs.

On the Comex market, copper prices for May delivery saw a slight 0.8% decrease yesterday, reaching $10,274 a tonne. Notwithstanding this drop, the commodity's prices have increased by 16% so far in 2025 compared to the same period in 2024.

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Morgan Stanley noted in a report that there is a compelling reason to export metal to the United States, even though tariffs have not yet been imposed. It stated that the rest of the world's markets will become more competitive as a result of this metal movement.

Supply shortages are still affecting the markets. According to the research report, Chile's copper output saw a notable 24% decrease in January of this year when compared to the previous month.

Morgan Stanley kept up its positive assessment of copper. Both the metal's price signals and fundamentals are viewed favorably. The physical markets are still getting tighter, and future demand issues are probably going to be caused by U.S. tariffs.


In recent years, the United States has been producing less copper. According to data, the nation's copper production fell by 3% in 2024 after dropping by an even more pronounced 11% in 2023.