Copper Hovers Around $14,000 as Traders Anticipate Trump’s Tariff Announcement
Copper retreated from its highest value since early June as traders remained attentive to any announcements from the White House regarding import tariffs on the metal.
The US Department of Commerce was expected to provide President Donald Trump with new recommendations on tariffs over three weeks ago, but no information has been disclosed thus far. The anticipation of tariffs has led to substantial metal inflows into the US this year, tightening the global copper supply.
According to a note from Chinese brokerage Jinrui Futures Co, updates on US copper tariffs represent a “key factor to monitor in the near future.” Although prices have fundamental backing, macroeconomic and geopolitical uncertainties persist, they noted.
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Copper futures on the London Metal Exchange climbed close to $14,000 a ton in the previous session, driven by indications that supply is not keeping pace with demand, especially in the crucial Chinese market. However, escalating tensions between the US and Iran in the Middle East, along with uncertainty about Trump’s potential tariff announcements, are tempering bullish sentiment.
Last year, the US Department of Commerce recommended a gradual implementation of import tariffs on refined copper, starting at 15% from January 2027, with a review scheduled for the end of June this year. Should Trump adhere to that plan, it could result in a new wave of shipments to the US.
Despite the uncertain environment, multiple indicators suggest a hotter market. Import premiums in China have surged to their highest levels in 2023 at $115 a ton due to disruptions in domestic scrap supply. Additionally, canceled warrants on the LME—orders to withdraw metal from exchange warehouses—exceeded 170,000 tons on Tuesday, with a significant portion likely destined for China.
Copper was down 0.4% at $13,825.50 a ton by 12:54 p.m. Shanghai time, following a 1.9% rally on Tuesday. Other metals showed little change or increased on the LME.
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