10 July | Other

Chile and Mexico consider alternative copper markets as US tariffs loom

Chile and Mexico consider alternative copper markets as US tariffs loom

The US has announced a 50% tariff on copper imports, pushing Chile and Mexico, its top suppliers of the metal, to seek new buyers. Both countries have already reduced their reliance on the American market, redirecting over half of their copper exports to China. However, the US remains crucial for both.

Chile is the largest copper supplier to the United States, which accounts for about 11% of its total copper exports and less than 7% of its refined copper shipments. Chilean Foreign Minister Alberto van Klaveren stated that the country is capable of finding new buyers. However, he emphasized that the US consumes nearly half of all imported copper and won't be able to ramp up domestic production quickly.

Mexico, which exports roughly 5% of its copper to the US, has stated it is prepared to redirect its shipments if necessary. Meanwhile, Mexican officials will continue discussions with their American counterparts during upcoming meetings in Washington.

Before the tariffs take effect, market players will likely rush shipments to the US to avoid additional costs. This could trigger a short-term surge in copper deliveries ahead of the restrictions being implemented.

Period: 05.09.2025 Expectation: 900 pips
AUDCAD loses momentum near channel resistance
Yesterday at 11:22 AM 33
Period: 05.09.2025 Expectation: 900 pips
Inverse head and shoulders pattern to form upon GBPUSD break of 1.358
Yesterday at 10:33 AM 39
Period: 30.11.2025 Expectation: 2800 pips
USDJPY set to weaken in medium term
Yesterday at 09:10 AM 22
Brent sell
Period: 05.09.2025 Expectation: 200 pips
Brent declines amid growing inventories and potential production increases
Yesterday at 08:24 AM 38
Period: 05.09.2025 Expectation: 600 pips
Buying USDCAD on divergent data from US and Canada
Yesterday at 05:57 AM 20
Period: 30.11.2025 Expectation: 3000 pips
Tesla shares to get boost on breaking $370
28 August 2025 42
Go to forecasts