Copper prices decline amid anticipated US tariffs
Copper just got a bit cheaper, with prices slipping ahead of the US's new 50% import tariff starting August 1.
The move is part of an effort related to national security concerns.
Right now, copper on the London Metal Exchange is down to $9,598 per ton, and Shanghai prices have dipped too.
Copper stocks piling up
Copper stocks are piling up—LME warehouses saw a jump of over 10,000 tons, and Hong Kong added nearly 6,000 tons more.
With the US tariff looming, countries like Australia and South Africa are rerouting their copper shipments away from America.
Tin slightly up; zinc, nickel, aluminum down
It's not just copper feeling the shakeup—tin is up slightly while zinc, nickel, and aluminum have all edged down.
President Trump confirmed the tariff after a national security review.
Meanwhile, trade talks with India and Europe are ongoing but things with Canada are still unresolved.
If you're buying copper soon, now might be your last chance before prices potentially spike in August.