Copper Prices Plunge Amid US Tariff Uncertainty

Copper prices have taken a hit after reaching record highs, with the metal's first weekly decline since June attributed to uncertainty over potential US tariffs on refined copper.

The price of copper futures fell nearly 5% in the previous session, trading at around $6.40 per pound at the time of writing.

This decline comes as US officials weigh concerns over higher manufacturing costs against the potential benefits of encouraging domestic mining through tariffs.

Copper's retreat from record highs suggests that tariff expectations had become an important component of recent bullish positioning, according to Shanghai Metals Market (SMM).