# Copper Prices Tied to Trump Tariff Decisions

> Macquarie warns copper could drop to $10,000 a ton if Trump's tariffs don't materialize.
- Title: Copper Prices Tied to Trump Tariff Decisions · BigGo Finance
- Summary: 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…
- Keywords: copper, trump tariffs, macquarie, comex, lme, copper futures, tariff arbitrage, copper prices, finance, markets, Prices, Tied
- Source: BigGo Finance — https://finance.biggo.com/news/e6e6850f-3a21-408e-b02f-fe7d35cbf881
- Author: BigGo Finance
- Published: 2026-10-19T01:25:46+00:00
- Read time: 2 min
- Topics: copper, trump tariffs, macquarie, comex, lme, copper futures, tariff arbitrage, copper prices, finance, markets
## 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.
## Key takeaway

Copper prices may fall to $10,000 a ton if U.S. tariffs on copper don't happen, according to Macquarie Group.