US Tariffs Decision Keeps Copper Rangebound

Copper futures are trading near record levels as traders await a crucial US decision on copper import tariffs. The impending regulatory event could alter supply expectations and encourage speculative positioning, according to Bloomberg.

The ongoing efforts to reopen the Strait of Hormuz have provided support for demand across risk assets by potentially easing commodity transport bottlenecks. Market participants are maintaining a cautious but attentive sentiment given the evolving policy backdrop.

Techincally, copper remains above key moving averages, with a predicted trading range of $6.5795 to $6.8925 as oscillators flag potential short-term exhaustion.