Comment: Copper falls following tariff exemption

Nikos Tzabouras, Senior Market Analyst at Tradu.com, said:

 
“Copper prices have slumped after President Trump excluded refined metal from the 50% import duties set to take effect on 1 August, eroding the US price premium. The watered-down levies could normalise supply following a recent surge in domestic availability. At the same time, broader trade disruptions stemming from Trump’s tariff agenda risk damaging the global economy, suppressing consumption, and keeping copper prices under pressure.
 
“However, the administration has left the door open to imposing duties on refined copper in the coming years. In addition, the non-ferrous metal continues to benefit from structural demand drivers that could support prices. These tailwinds are linked to its usage in semiconductors powering the AI boom, clean energy infrastructure, and military applications amid rising defence budgets.”