FX.co ★ Copper Falls to 8-Week Low

Copper futures declined to below $4.30 per pound on Monday, marking a continued downturn following last week's substantial 14.1% drop, reaching its lowest point in nine weeks. This decline is driven by increasing apprehensions that President Trump's intensifying trade war may trigger a global economic recession. In response, China, the largest consumer, implemented a 34% tariff on all U.S. imports, effective April 10, signaling no willingness to enter negotiations. Over the weekend, the Trump administration minimized concerns about the market downturn and maintained a firm stance on reciprocal tariffs, despite the lack of significant progress in discussions with major trading partners. Notably, the new U.S. tariffs do not encompass copper, gold, energy, and certain minerals that are not domestically sourced. Copper prices had previously soared to record highs in late March, spurred by speculation that Trump might specifically target the metal. However, these fears have not materialized, leading to a subsequent price retracement.