Trump's tariff concerns have caused silver and copper markets in the United States to diverge from the international market.

On January 10, the price of copper and silver futures in New York soared above the international benchmark price, and traders increased their bets that Trump will impose high import tariffs on the two metals. New York Mercantile Exchange (COMEX) front-month silver futures traded at a premium of more than $0.80 an ounce to the London spot silver price on Thursday, close to their December peak. COMEX front-month copper also premiumed $623 per tonne to LME copper for the same period, close to the record level during the historic shorts squeeze that rocked the global copper market last year. Since last year, traders have been scrambling to ship copper to U.S. warehouses to take advantage of soaring prices. A similar situation has been underway since the start of the surge in silver prices in New York. Ole Hansen, Head of Commodities Strategy at Saxo Bank, said: "Investors around the world have started the year looking for protection against thorny and potentially rising inflation, fiscal debt concerns and Trump’s unpredictability. “The blowout of COMEX prices” is undoubtedly part of Trump’s unpredictable story.