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Dana Harlap
Global Investment Strategist
J.P. Morgan Wealth Management |
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March 2025 presented some bumpy terrain for the markets, to put it lightly. The S&P 500 recently marked its first 10% correction in two years, driven by escalating tariff tensions and a reassessment of market valuations. Accordingly, most investors were considering what would be the optimal investment route for them.
With the widespread market noise, we wanted to double-click on one particular asset that's been making big moves off of tariff news: copper. Recently, copper prices have reached a new all-time high on New York's Commodity Exchange (Comex). This price surge is tariff related, driven by reports that the U.S. may introduce significant tariffs on copper imports sooner than the 270-day deadline the Trump administration had set for the Commerce Department to investigate copper tariffs on national security grounds.
What specifically is happening and why? Let's discuss the ins and outs. | | |
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The motive behind the copper tariff is part of a broader initiative to enhance domestic production of essential minerals and reduce dependency on foreign sources.
This policy shift follows numerous trade policy announcements that have unsettled global equity markets, particularly in the U.S., and comes just before a new wave of tariffs is expected to take effect on April 2. While the long-term goal is to boost local production capabilities, the immediate consequence is increased costs for American manufacturers reliant on imported copper. The surge, marking a 29% increase this year, has created a notable disparity between U.S. copper prices and the global benchmark set by the London Metal Exchange (LME).
Potential tariffs have prompted traders to expedite copper shipments to the U.S., anticipating a shortage that could push prices even higher. For context, the U.S. imports about 50% of its copper demand. The disparity between domestic and international copper prices may grow further due to the industrial usage of copper in the power build-out for artificial intelligence.
While the tariffs aim to encourage domestic production, they also pose challenges. The U.S. currently does not mine enough copper to meet demand, and environmental objections make increasing the supply a significant challenge.
U.S. tariff concerns spur bigger gains on the Comex than on the LME, reaching a new all-time high
Price of copper per ton, $ | | |
As discussed above, tariffs continue to drive market volatility. With President Donald Trump's newly announced 25% tariff on "all cars that are not made in the United States," and more tariff updates expected to come next week, we think it's possible that volatility may continue as markets try to make sense of the announcements and their implications.
As these dynamics unfold, we emphasize the importance of a resilient portfolio that can weather market storms. As always, it's prudent to create a long-term investment plan and diversified portfolio to help you through shifting markets. Speak to a J.P. Morgan advisor who can help you create a plan that works best for you and your goals. | | |
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From landing a first job to settling into retirement, a woman's life is filled with many significant financial milestones. Women not only tend to live on average about five years longer than men, but they also more commonly encounter unique challenges, such as balancing careers with motherhood, caring for aging parents and navigating divorce when they are not the primary earner.1 These life events, among others, require thoughtful financial planning.
As Women's History Month comes to a close, we will explore a couple of financial milestones that women often encounter and discuss ways to approach them with more confidence and ease.
Negotiating a better salary
Negotiating a better salary is a crucial skill for anyone in the workforce, but particularly for women, who historically have faced wage disparities compared to their male counterparts. Despite progress in recent years, the gender pay gap persists, with women still making on average 84 cents to each dollar earned by men.2
Enter the conversation armed with data and facts to support your case. Having a gauge for what similar professionals in your industry are paid, as well as the range for what comparable roles on your team or company are paid can be helpful information to have on hand. And remember, never feel guilty or apologize for asking for what you're worth. You work hard, and you deserve to be valued accordingly.
Estate planning
Estate planning is another critical aspect of financial planning for women. Despite its importance, estate planning is often overlooked or delayed. For women, taking proactive steps in estate planning can offer peace of mind and financial security for themselves and their families.
The estate planning process typically begins with creating a will, which outlines how assets will be distributed upon death. It's essential to regularly update the will to reflect changes in circumstances, such as marriage, divorce, or the birth of children, to ensure that it accurately represents current wishes.
Read about more common financial milestones women commonly experience throughout their lives here. | | | |
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investment and insurance products are:
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SOURCES AND TEXT VERSION FOR MARKET UPDATE CHARTS:
Source: Bloomberg Finance LP. Data as of March 26, 2025.
Long form: The line chart titled "U.S. Tariff Concerns Spur Bigger Gains on the Comex" tracks the price of copper per ton in U.S. dollars, comparing the London Metal Exchange and the New York Comex from January 2024 to March 2025.
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Initially, both exchanges exhibited closely aligned copper prices, starting around $8,500 per ton in January 2024. |
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From March to May 2024, prices on both exchanges rose in tandem, with the New York Comex peaking slightly higher above $11,000 per ton compared to the London Metal Exchange. |
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Following this peak, both exchanges experienced a synchronized decline from July to September 2024, with prices dropping to approximately $9,500 per ton. |
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Between September 2024 and January 2025, the prices continued to move together, fluctuating within a range of $9,000 to $10,000 per ton. |
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However, starting in January 2025, a divergence became apparent as the New York Comex experienced a significant surge, surpassing $11,500 per ton by March 2025, while the London Metal Exchange also saw an increase but to a lesser extent. |
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The New York Comex Copper price hit an all-time high on March 26, 2025.
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Source for Today's the day
1. National Center for Health Statistics, "Life expectancy." (October 25, 2024)
2. Federal Register, "National Equal Pay Day, 2024." (March 11, 2024)
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