FX.co ★ Copper Holds Steady as US Tariff Deadline Nears

Copper futures remained steady at approximately $5.76 per pound on Monday, nearing record highs as markets brace for the looming introduction of a 50% tariff on US copper imports, scheduled for August 1. Investors are exercising caution due to the Trump administration's unclear details about which copper products will fall under this new levy. Additionally, there's ongoing uncertainty surrounding the possibility of metals being part of the newly announced US-EU trade agreement, which enforces a 15% tariff on a majority of European exports to the US. As the deadline draws near, there are reports of vessels transporting copper hastening to reach US ports ahead of the tariff's enforcement. Nevertheless, experts caution that we might see a notable price decline after this pre-tariff shipping rush ends, potentially leading to a marked decrease in demand for US-bound copper.