Industrial metal prices, including copper, declined amid concerns that US President Donald Trump’s new tariffs could dampen demand for industrial commodities, Bloomberg reports.
Such metals are facing near-term selling pressure as investors rotate out of risk assets into safe havens, according to Shanghai Dongwu Jiuying Investment Management. Markets are closely watching how US trade partners respond, with potential countermeasures likely to fuel global economic uncertainty. Against this backdrop, Citi analysts now expect copper prices to fall to $8,500 a ton by the second quarter.
Earlier reports of potential US copper import tariffs triggered a widening gap between prices in New York and London, prompting traders to rush massive metal shipments to the US. However, market activity ground to a halt as speculation grew over Trump's earlier-than-expected tariffs. The price gap narrowed sharply following the American leader's April 2 speech, according to Bloomberg.