Copper Climbs as Markets Brace for 50% U.S. Tariff This Week

Copper prices advanced at the start of a pivotal week for commodity and financial markets, lifted by mounting concern over forthcoming U.S. import tariffs on the industrial metal. London Metal Exchange contracts rose 0.3% to $9,797 a metric ton in Shanghai trading after climbing as much as 0.5% earlier, while U.S. prices continued to command a roughly 31% premium to the LME benchmark. The Biden administration is due to impose a 50% tariff on copper imports beginning Saturday, 2 August, but key details of the measure—such as product coverage and country exemptions—remain undisclosed. Uncertainty has triggered a wave of last-minute shipments to U.S. ports as traders seek to beat the deadline, further tightening domestic supply. The tariff rollout coincides with a Federal Reserve policy meeting and a slew of U.S. economic indicators scheduled for release later in the week. While the Fed is expected to keep rates unchanged, investors will parse Chair Jerome Powell’s comments and the data docket for signals on growth and demand prospects for industrial metals.