Copper traders grow wary as US import tariffs loom

Since US President Donald Trump ordered Commerce Secretary Howard Lutnick to assess the feasibility of imposing tariffs on copper imports, traders have been rushing to move the metal to the US. But with no clarity on how high the duties will be or when they’ll take effect, the market is still in the dark, according to Reuters.

Many expect copper import tariffs to be set at 25%, matching the duties already in place for steel and aluminum. But with no official confirmation, the market is split. Some analysts are betting on higher prices for metal, while others predict a sharp drop.

As Mercuria points out, traders could ship roughly 500,000 tons of copper to the US in an effort to purchase the metal before tariffs hit, though it’s unclear whether the metal will make it to American warehouses in time.

Forecasts for copper prices on the LME are mixed. Goldman Sachs kept its 3-, 6-, and 12-month price targets steady at $9,600, $10,000, and $10,700 per ton, respectively. Citi, however, cut its short−term outlook from $10,000 to $9,500, while BNP Paribas warned prices could drop as low as $8,500 per ton.