U.S. President Donald Trump's 50% tariff on copper has placed a record premium on prices of the metal in the United States that is likely to ease over the coming months as a stockpile created by traders anticipating the levy works through the system.

Prices for the metal hit a record high after the president suggested a higher rate than many analysts were expecting.

Trump announced a 50% tariff on copper imports Tuesday, triggering a jump in U.S. copper prices that could cause an increase in metal theft.