FX.co ★ Copper Holds Losses as US Tariff Deadline Approaches

Copper futures remained below $5.6 per pound on Tuesday after experiencing a decline of approximately 3% in the previous session. This movement comes amid growing apprehension about a possible significant decrease in US demand once the forthcoming tariffs are enacted. The Trump administration plans to implement a 50% tariff on copper imports starting August 1. However, specifics regarding the exact products affected have yet to be disclosed. As the deadline approaches, vessels transporting copper are reportedly making haste to US ports to beat the tariff's commencement. Analysts warn of potential additional downward pressure on copper prices once this pre-tariff shipping surge subsides. Concurrently, the newly announced US-EU trade agreement has retained the existing 50% tariffs on steel and aluminum, fueling further concerns about global trade tensions.