Traders await White House tariff decision, copper prices hover around $14,000

The Zhitong Finance App learned that at a time when traders are closely monitoring whether the White House will announce plans related to copper import tariffs, copper prices have fallen somewhat from the highest level since the beginning of June. As of press release, London Metal Exchange (LME) copper futures fell nearly 1% to $13,800 per ton. The price of this futures once approached $14,000 per ton on the previous trading day, the highest level since the beginning of June, as the market showed signs that supply was difficult to meet demand.

The US Department of Commerce was supposed to submit the latest proposal on copper import tariffs to US President Trump more than three weeks ago, but no final decision has been announced so far. Market expectations for tariffs have prompted large amounts of copper to flow into the US this year, further tightening the global copper market supply.

Last year, the US Department of Commerce proposed a phased implementation of import tariffs on refined copper, and a 15% import tariff from January 2027, but the plan was originally scheduled to be re-evaluated before the end of June this year. If Trump eventually follows this plan, the US is likely to usher in a new wave of copper imports.

Some analysts pointed out that the US copper tariff news is “the most important point worth paying attention to recently.” Meanwhile, although copper prices are still supported by fundamentals, macroeconomic and geopolitical risks remain. The further escalation of the situation between the US and Iran, as well as the market's cautious attitude about what kind of tariff policy Trump will eventually announce, have limited the market's bullish sentiment.

Although the market background is still full of uncertainty, several indicators show that the copper market is still hot. Affected by disruptions in domestic scrap copper supply, China's copper import premium has risen to 115 US dollars per ton, the highest level since 2023. Meanwhile, LME's cancelled warehouse receipts (that is, orders to extract metals from exchange warehouses) surpassed 170,000 tons on Tuesday, and at least part of it is expected to be shipped to China.