Copper Holds Losses as US Tariff Deadline Approaches

Copper futures held below $5.6 per pound on Tuesday after losing about 3% in the previous session, as concerns mounted over a potential sharp drop in US demand once new tariffs take effect. The Trump administration is set to impose a 50% tariff on copper imports beginning August 1, though details on the specific products affected remain unclear. As the deadline nears, vessels carrying copper are reportedly racing to reach US ports before the tariff is enforced. Analysts caution that copper prices could face further downside once this pre-tariff shipping surge fades. Meanwhile, the recently announced US-EU trade agreement maintained the existing 50% tariffs on steel and aluminum, adding to broader concerns about global trade friction.