Copper prices seen staying elevated as Trump weighs refined copper tariffs
AI Market Summary
Copper remains policy-driven as the US Commerce Department proposes refined copper import tariffs (15% from next year, rising to 30% by 2028) with a delayed decision extending uncertainty. Tariff positioning is concentrating inventories in the US (COMEX at record 696,000 tonnes) while LME stocks fall 40%, creating backwardation and tight spot supply. This elevates near-term volatility and sensitivity to geopolitical and supply disruptions.
Impact level
● High
Affected assets
NCCO724COPPER2USD/USDT-4.71%
AI Insight · NCCO724COPPER2USD/USDTAI Insight
● Neutral
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The U.S. Department of Commerce has proposed a 15% tariff on refined copper imports starting next year, rising to 30% by 2028, with an investigation report on whether to impose the duties due by June 30. COMEX copper inventories have climbed to a record 696,000 tonnes while LME stockpiles have fallen 40%. LME spot copper has traded at $14,737 a tonne, at a sharp premium to the three-month futures price. Against that backdrop, copper prices have remained elevated.
