Copper futures surged after President Donald Trump ordered the US Commerce Department to examine possible imports tariffs on all forms of the metal.

Tariffs, if they are imposed, could boost U.S. production of a valuable resource but also raise costs for automakers, construction companies and others.

US President Donald Trump has ordered an investigation of copper imports in what is a first step toward potential tariffs on the metal. Administration officials said the White House wanted to find ways to boost US production of copper, a component used to make electric cars, ships and data centres that they said was vital to national security.