Copper Prices

Copper prices averaged USD 9,771 per metric ton in July, down 0.7% from June. On 31 July, the commodity traded at USD 9,560 per metric ton, down 4.9% from 30 June.

LME prices were volatile during the month, while the premium on U.S. copper steadily rose from around 12% to over 30% after Trump announced plans of a 50% tariff on the metal from 1 August. That said, in late July, both LME and U.S. prices sank, mainly after Trump said that tariffs would only apply to semi-finished products and not to refined copper—the metal’s most widely imported form. Consequently, the U.S. premium collapsed to 4%, and LME prices fell as traders rushed to relocate copper to LME warehouses.