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.

Gold futures (GC=F) rose to a fresh record on Friday as tariff threats sparked fears of an escalating trade war. Futures surpassed $3,110 ahead of the Trump administration's reciprocal tariffs, expected to be announced next week as 25% levies are put on foreign autos.

A decision by the U.S. government on widespread copper tariffs may not come for months, but preparation has kicked into high gear with traders looking to take advantage of a climb in U.S. prices for the industrial metal to their highest on record.