Copper futures traded in New York surged to a record high Wednesday on a report that U.S. tariffs on imports of the metal are set to be coming within several weeks, months earlier than the deadline for a decision.

Copper on New York's Comex hit a record $💟5.374 a pound earlier and recently was trading at around $5.277 per pound.

U.S. President Donald Trump had told the Commerce Department to launch a probe into tariffs on copper on Feb. 25 and submit a report within 270 days of that date. The investigation is "now expected to be resolved sooner," Bloomberg reported, citing peop▨le familiar with the matter. 

The White House didn't immediately respond to an Investopedia request for comment.

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