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Investing.com -- Copper prices have been on a downward trajectory after reaching a nine-month high earlier in the week. The decline was influenced by speculation that supply disruptions, which were anticipated due to potential U.S. tariffs, might resolve sooner than expected.
After exceeding $10,000 earlier in the week, copper prices fell for a third consecutive day in London. This decline puts them on course for a weekly drop, following reports that the U.S. administration plans to impose tariffs on copper imports within weeks, rather than the initially expected months.
A rapid implementation of these tariffs would leave little room for traders to redirect more metal to the U.S. As of 9:40 GMT, copper was 0.8% lower at $9,846 a ton on the London Metal Exchange, after hitting its peak since June on Wednesday.
Futures were also lower on the Comex in New York, although their year-to-date gain continues to surpass the performance on the LME.
The commodities market has experienced turbulence this year as investors adjust to the U.S. administration’s implementation of trade levies, along with the prospect of additional restrictions in the future, including a series of announcements expected next week.
President Donald Trump has ordered an investigation into copper flows. In anticipation of this probe, traders had been swiftly moving cargoes to the U.S.
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