FX.co ★ Copper Futures Extend Weekly Losses to Over 10%

Copper futures experienced a significant decline of over 4.5% to settle at $4.6 per pound on Friday, culminating in a 10.2% loss for the week. This downturn is attributed to escalating worries that the imposition of US tariffs, along with retaliatory measures from trade partners, might precipitate a global economic recession. In response, China revealed plans to enforce a 34% tariff on all imports from the United States starting April 10, along with export controls on rare earth elements, as a countermeasure against US tariffs. President Trump has announced comprehensive tariffs on imports, impacting regions like China (54%), the European Union (20%), Japan (24%), and India (27%) that are key consumers of copper. However, these new tariffs introduced by President Trump do not encompass copper, gold, energy, and certain minerals that are not domestically available in the US. The price of copper had previously soared to a record peak of $5.2 in late March amid speculation that President Trump might soon enact copper-specific tariffs, yet prices have since receded as these concerns have not yet come to fruition.