Copper Gains as Chile Seeks US Tariff Exemption

Copper futures climbed above $5.65 per pound on Wednesday, recouping losses from earlier in the week after Chile’s finance minister announced plans to request an exemption from new US import tariffs. As the largest supplier of copper to the US, Chile’s position is central to ongoing trade negotiations. The Trump administration is set to impose a 50% tariff on copper imports starting August 1, though uncertainty remains over which forms and sources of copper will be affected. In response, traders have been accelerating shipments to the US ahead of the deadline. However, analysts warn that demand for US-bound copper could decline sharply once the tariffs are enforced. Adding to market caution, US-China trade talks in Stockholm ended Tuesday without an agreement to extend the current truce. Treasury Secretary Scott Bessent said any deal would require President Donald Trump’s final approval.