Copper futures hovered around $5.76 per pound on Monday, holding near record highs as markets braced for the implementation of a 50% US tariff on copper imports set to take effect on August 1. Investors remained cautious amid a lack of detail from the Trump administration regarding which copper products will be subject to the new levy. Uncertainty also lingers over whether metals will be included in the recently announced US-EU trade deal, which imposes a 15% tariff on most European exports to the US. With the deadline approaching, vessels carrying copper are reportedly rushing to reach US ports before the tariff takes effect. However, analysts warn that prices could see a sharp pullback once the pre-tariff shipping surge subsides, potentially triggering a significant drop in US-bound demand.
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