Copper Prices Drop as White House Hesitates on Tariffs
Copper prices are set to snap their 10-week winning streak as the White House has yet to decide on refined copper tariffs, causing a sharp drop from record highs. The three-month copper contract on the London Metal Exchange fell by more than 4% from its peak of $14,875 a metric ton hit on Thursday.
Despite a marginal rise on Friday, copper prices were down about 1% for the week. The most-traded copper contract on the Shanghai Futures Exchange also fell 2.82% to 108,580 yuan ($16,180.85) a ton and was down about 0.5% for the week.
White House officials are weighing concerns that higher metal prices could raise manufacturing costs against the benefits of encouraging more domestic mining. This hesitation has removed some of the tariff premium from prices, making shipments to the US uneconomical.