Traders, pricing a lower chance the US will impose tariffs on refined-metal
imports, pushed LME three-month copper down about 0.5% to around $14,340/ton
after Monday. The prospect of US tariffs earlier this year had driven large
copper inflows into US warehouses and tightened supply elsewhere; with Trump’s
second term nearing its midpoint some bulls now doubt he will follow through,
prompting position adjustment. Stronger US rate-hike expectations are also
weighing on industrial metals. ANZ said ongoing supply-side issues could limit
copper’s downside, citing a global copper-concentrate shortage that may force
cutbacks at a major South Korean smelter and reduce supply.
