Copper Prices Poised for First Weekly Drop Since June Amid Tariff Doubts

Copper prices are on track to end their winning streak after a steep fall on Thursday, according to market analysts. The metal, which hit a record high of $14,875, has lost 3.6% in value and is poised for its first weekly drop since June.

The White House's decision not to impose tariffs on copper has been cited as one reason for the price dip, with Reuters reporting that no decision had been made. As a result, market players have begun to reduce their risk exposure, leading to a decline in prices.

Alastair Munro, senior base metals strategist at Marex, noted that 'the market has been caught long' and that copper stocks remain tight geographically, limiting the potential for significant price movements. Meanwhile, Sucden Financial concurred that underlying fundamental tightness should limit any sell-off, but pointed out that meaningful risk reduction was evident in Thursday's heavy volumes.