Tariff Delay Triggers Copper Sell-Off, Gold Remains Steady

Copper prices plummeted by 3% in just an hour after the White House delayed its decision on tariffs covering refined copper imports. This sudden retreat unwound part of a tariff-driven rally that had pushed copper toward record highs.

The Commerce Department submitted an update to President Donald Trump by June 30, but the White House has yet to reach a final decision. Officials must balance support for domestic mining and refining against the higher costs manufacturers face, given that the US imports roughly half of its annual copper requirements and operates only two copper smelters.

The delay weakened the tariff premium embedded in futures prices, leaving uncertainty about a proposed 15% tariff that could take effect in January 2027. Gold, however, held steady near $4,400 an ounce, while silver consolidated within its recent range, limiting metals contagion.