Copper Prices Slip as US Tariff Uncertainty Takes Hold

Copper prices have taken their first weekly decline since June as uncertainty surrounding potential US tariffs on refined copper triggered a sharp reversal from record highs.

The three-month copper contract on the London Metal Exchange (LME) traded at around $14,238 per metric ton on Friday, marking a 1.2% drop for the week and ending a 10-week winning streak.

Copper had reached a record high of $14,875 per metric ton before falling 3.6% on Thursday after Reuters reported that the White House had not yet made a decision on whether to impose tariffs on refined copper imports.

The recent pullback in copper prices reflected a reduction in bullish positioning following the recent rally, but underlying physical-market conditions remained relatively tight.