Copper Market Retreats: Traders Await Washington’s Tariff Verdict
Copper futures pulled back across major international exchanges, retreating from their highest levels since early June. Market participants are holding back on major positions as they await an official announcement from Washington regarding proposed import duties.
- LME (London): Three-month futures dropped 0.4% to $13,825.50 per metric ton (following a 1.9% gain to $13,885.00 in the previous session). Year-to-date in 2026, London copper has advanced by 11.77%.
- Comex (New York): Contracts slipped by 0.63% to $6.5110 per pound.
- SHFE (Shanghai): Bucking the trend, Shanghai copper advanced 1.34% to 106,230 yuan per ton.
Policy Delay and Supply Dynamics
Uncertainty hinges on the White House’s pending policy update. The US Department of Commerce was expected to submit its recommendation regarding copper tariffs to President Donald Trump more than three weeks ago, yet no formal decision has been issued.
Anticipation of these trade barriers had previously triggered a massive influx of physical copper shipments into the United States, tightening global inventory levels outside the US market.
„The upcoming clarity on US import tariffs stands as the most critical variable for market movement in the near term.”
— Jinrui Futures Co. market note
Analysts at Jinrui emphasized that while supply-demand fundamentals continue to support copper valuations, broader geopolitical developments and macroeconomic headwinds remain key risk factors.
