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Copper and other industrial metals prices rise ahead of US new import tariffs
Industrial metals, copper in particular, surged in price ahead of the introduction of new import tariffs by US President Donald Trump on April 2, Bloomberg reports.
The US leader will announce retaliatory duties aimed to hit countries that have launched tariffs against the US. This will consequently trigger volatility and uneasiness in the markets, the agency notes. Still, copper trader Kostas Bintas expects the asset to reach new record highs on tight supply.
Copper price climbed by 0.6% on the London Metal Exchange. At the end of last week, it jumped above the level of $10,000 per ton. Aluminum (+0.4%) and other industrial metals also rose.
Meanwhile, Australian mining company Mineral Resources announced that haulage at its Onslow project has resumed after an accident earlier.
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