Tariff Hesitation Sends Copper Prices Plummeting

The White House is still deciding whether to impose tariffs on refined copper, which has pushed the metal to record highs due to expectations of tighter US import rules.

Copper futures fell over 4% after Reuters reported that the administration was hesitant to implement the tariffs, despite a previous recommendation from Commerce to impose a 15% duty in 2027 and 30% in 2028.

The uncertainty has already affected markets, with copper producer Freeport-McMoRan seeing its shares drop over 7%.

The tariff threat had previously redirected metal towards the US, tightening availability elsewhere despite forecasts for a global copper surplus this year.