FX.co ★ Copper Extends Decline on Global Recession Fears

Copper futures decreased by 5% to approximately $4.15 per pound on Monday, compounding a near 20% loss over the past three sessions. This downturn is fueled by escalating fears that US President Donald Trump's intensifying trade conflict could precipitate a global recession. In response, China, the world's largest consumer of copper, chose on Friday to counter with a 34% tariff on all US imports starting April 10, opting not to enter negotiations. Over the weekend, the Trump administration downplayed the market decline, maintaining its commitment to reciprocal tariffs despite the absence of substantial negotiations with major trading partners to reduce or delay these charges. Notably, Trump's latest tariffs exclude copper, gold, energy, and certain minerals not produced in the US. The price of copper had reached historic highs in late March due to speculation that Trump might introduce copper-specific tariffs imminently. However, prices have since receded as these fears have not yet come to fruition.