Copper rallied in New York and slumped in London after President Donald Trump pledged import tariffs that risk raising costs for American manufacturers while dampening global demand.

President Donald Trump's threat to impose tariffs on U.S. copper and aluminium imports will result in higher costs for local consumers because of a shortfall in domestic production, analysts and industry participants said on Tuesday.

Market participants said President Trump's promised tariffs on US copper and aluminium imports would lead to higher costs for consumers.

Copper futures rose in New York on Tuesday while contracts fell on the London Metal Exchange, after President Trump specifically mentioned copper, aluminum and steel in his latest tariff threats in a speech Monday.