FX.co ★ Copper Prices Steady as US Tariff Deadline Nears

Copper futures remained steady above $5.50 per pound on Tuesday, maintaining proximity to last week's record high. This stabilization follows US President Donald Trump's announcement of a significant policy shift—a 50% tariff on copper imports, slated for implementation on August 1st. The tariff aims to boost domestic copper production and diminish the nation's reliance on imported refined copper. Currently, the United States satisfies just over half of its refined copper demand through domestic production, with more than 66% of this output derived from Arizona. However, plans for a substantial new mining project in Arizona have faced delays exceeding a decade. In the previous year, the vast majority of US copper imports—over 90%—were sourced from Chile, Canada, and Peru. Concurrently, investors are assessing broader trade developments, especially since President Trump has indicated a willingness to re-open tariff negotiations with the European Union and other major trade partners.