Copper Holds Decline as Tariff Fears Ease
Copper futures traded around $6.45 per pound on Friday after plunging nearly 5% in the previous session, pressured by reports that the US is reconsidering plans to impose import tariffs on refined metals. US officials were reportedly concerned that the proposed levies could push domestic copper prices even higher and increase manufacturing costs. The metal ...
Copper futures settled near $6.45 per pound on Friday, a 5% drop from the preceding day, as concerns eased surrounding potential US import tariffs on refined metals, according to Reuters. US officials reportedly doubted that the proposed levies would further elevate domestic copper prices or escalate manufacturing expenses. Prior to the week, copper surged to record highs as traders stored shipments in US warehouses, anticipating gains due to tariff-induced price increases and restricted global supplies.
This development occurred amidst persistent shortages of sulfuric acid, essential for major copper refiners worldwide, while supply pressures from GCC nations led China to suspend exports. Additionally, mining output has weakened, with Codelco and Freeport-McMoRan reporting double-digit production declines, just after the International Copper Study Group reported a 1.1% decline in global production during the first half of the year.
Written by urgent.news from Hellenic Shipping News's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.