Copper Prices Plummet Amidst Uncertainty Over Tariffs

Copper prices took a hit on Thursday after Reuters reported that the White House has yet to decide on refined copper tariffs. The uncertainty sent shockwaves through the market, with three-month copper on the London Metal Exchange falling by 3.1% to $14,312 per metric ton.

The COMEX October copper futures also plummeted by 4.2%, dropping to $6.5355 per pound or $14,408 per ton, reducing the premium over LME prices.

Ole Hansen, head of commodity strategy at Saxo Bank, said that the update 'most certainly sent the cat in among the pigeons.'

Copper has gained 16% this year as metal flowed into US warehouses ahead of potential tariffs on refined copper imports. However, with stocks in the COMEX warehouses reaching a record high of 696,259 tons, concerns about availability in traditional consuming regions have stoked.