The biggest question in the global copper market right now is whether US President Donald Trump will move ahead with tariffs on refined copper. The decision, expected within weeks, could shape the next phase of trade flows, inventories and prices.
As the market awaits a Commerce Secretary review due at the end of June that will inform Trump’s decision, traders are watching for signals on whether to unwind their copper positions or double down on bets that US prices will continue marching higher.
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“Everyone is waiting before we can step in to do relevant trades,” said Nicole Ni, vice general manager at Eagle Metal International Pte, a trading firm that sells copper to fabricators. “This policy has a significant impact on copper prices.”
