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Investing.com -- A 50% tariff on U.S. copper imports set to begin August 1, 2025, could put downward pressure on copper prices as demand temporarily decreases when the buyer of the marginal London Metal Exchange (LME) tonne disappears.
Barclays (LON:BARC) expects any impact on LME prices to be short-lived and recommends buying on weakness in their preferred copper plays.
President Trump announced the implementation of the 50% tariff, though specific details about which forms of copper imports will be subject to the tariff and potential exemptions have not yet been revealed.
The Section 232 investigation that prompted this action was commissioned to examine imports of all forms of copper. For comparison, aluminum and steel have been subject to a similar 50% tariff since early June, with the administration excluding scrap imports from tariffs but not granting any country-specific exemptions.
In response to those tariffs, the U.S. landed Midwest aluminum price is now trading at a 48% premium to the LME price, nearly covering the full cost of the additional tariff.
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