Copper futures held below $5 per pound on Tuesday after falling for three straight sessions, as investors weighed the latest tariff announcements from the White House. US President Donald Trump unveiled updated tariff rates on 14 countries that have yet to reach trade agreements with Washington, including export-heavy economies such as Japan and South Korea, both set to face 25% levies.
He also signed an executive order extending the deadline for reciprocal tariffs to August 1 from July 9, providing more time for negotiations. Moreover, Trump threatened to impose an additional 10% tariff on countries aligning with what he described as “anti-American policies on BRICS.” Analysts cautioned that the widening scope of trade measures could dampen global growth and weigh on demand for industrial metals such as copper. Last week, copper prices surged to a three-month high amid tightening global supply and a rush by exporters to redirect shipments to the US ahead of potential import duties.
