From BigGo Finance · BigGo Finance · · 2m
Copper Prices Tied to Trump Tariff Decisions
Macquarie warns copper could drop to $10,000 a ton if Trump's tariffs don't materialize.
In brief
Macquarie warns copper could drop to $10,000 a ton if Trump's tariffs don't materialize. Copper prices may fall to $10,000 a ton if U.S. tariffs on copper don't happen, according to Macquarie Group. Originally reported by BigGo Finance.
Trump's copper tariffs still missing
President Trump's long-anticipated copper import tariffs have yet to materialize.
Copper futures spread narrowing
The price spread between Comex and LME copper futures is narrowing rapidly.
Macquarie's price scenarios
Macquarie warns copper could slide toward $10,000 a ton if tariffs fail to materialize.
Tariff trade bubble warning
Natixis warns the tariff trade has formed a bubble that could burst quickly.
LME Week opens
LME Week opens in London this weekend as traders reassess copper's rally.
Spread collapse undermines arbitrage
The spread between Comex and LME copper has narrowed rapidly since tariff plans stalled.
Comex premium to LME
Comex premium to LME dropped from 17 cents a pound to 0.85 cents a pound.
Copper price record high
LME cash copper settled at $14,822 a ton, a record for cash settlement.
Tariff trade risks
Traders are selling Comex contracts and buying LME contracts, betting prices will converge.
Trump's tariff timeline
Trump could announce a tariff increase after the midterm elections and before cargoes reach the U.S.
Macquarie's most likely scenario
Macquarie considers the most likely scenario a quiet pass of the January 1 deadline with no announcement.
U.S. copper inventory glut
The U.S. has stockpiled close to 2 million tons of copper, roughly a full year of consumption.
Copper smelter restructuring
JX Metals, Mitsubishi Materials, Mitsui Mining & Smelting and Marubeni agreed to consolidate copper procurement.
Japanese smelter treatment charges
The 2026 copper concentrate treatment charge agreed between Antofagasta and Chinese smelters has fallen to $0 a ton.
Copper price forecasts
Macquarie forecasts copper prices at $12,750 a ton in 2027, down from $13,573 in 2026.
Market impact on copper
Copper prices may fall to $10,000 a ton if tariffs don't materialize, according to Macquarie.
The big picture
Copper prices may fall to $10,000 a ton if U.S. tariffs on copper don't happen, according to Macquarie Group.
