Story perspectives

U.S. Tariff Delay Stabilizes Copper Market Amid Low Demand

9/10/2025

Summary

Story summary

The copper market stabilizes as U.S. import tariffs on refined metal are postponed, with CME spot premiums at approximately $100 per ton.
Investor participation in CME copper contracts hits a decade-low, with notable declines in long and short positions.
Analysts expect strong refined copper imports in September, driven by demand from China despite low processing fees.
LME copper prices show fluctuations, facing resistance at $10,008 and support at $9,800.
U.S. inventories are high, while global balances remain stable, reflecting a disconnect due to U.S. policy.

History

Historical Context

In 2002, the U.S. imposed tariffs on steel and aluminum, leading to a 30% rise in steel prices and significant impacts on industries dependent on these metals. The ongoing trade tensions, particularly with China, continue to shape global markets, as seen in the recent postponement of copper tariffs. This reflects the long-term effects of U.S. trade policies on commodity prices and investor confidence.

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Story summary

The copper market stabilizes as U.S. import tariffs on refined metal are postponed, with CME spot premiums at approximately $100 per ton.
Investor participation in CME copper contracts hits a decade-low, with notable declines in long and short positions.
Analysts expect strong refined copper imports in September, driven by demand from China despite low processing fees.
LME copper prices show fluctuations, facing resistance at $10,008 and support at $9,800.
U.S. inventories are high, while global balances remain stable, reflecting a disconnect due to U.S. policy.

1 / 2