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

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.