Copper futures climbed nearly 2% toward $5.90 per pound on Tuesday, erasing the prior session’s losses as mainland Chinese traders returned from the extended Lunar New Year break. The move was underpinned by optimism over a potential easing of US tariff burdens after the US Supreme Court struck down President Donald Trump’s reciprocal tariff policy. Although Trump has threatened to lift global tariffs from 10% to 15% in response to the ruling, China is still expected to face lower average duties on its metal-intensive exports.
At the same time, the recent run-up in physical copper prices has sparked concern that China, the world’s largest consumer, may scale back its purchases. That prospect has helped drive exchange-monitored inventories to their highest levels since 2024, with stockpiles in both London and New York also continuing to rise.
