Copper futures held above $5.50 per pound on Tuesday, stabilizing near last week’s all-time high as markets continued to digest the impact of US President Donald Trump’s newly announced 50% tariff on copper imports, set to take effect on August 1. The move is intended to spur domestic production and reduce reliance on foreign refined copper. Currently, the US produces just over half of the refined copper it consumes annually, with more than two-thirds of domestic output sourced from Arizona—where plans for a major new mine have been delayed for over a decade. Last year, Chile, Canada, and Peru accounted for over 90% of US copper imports. Meanwhile, investors weighed broader trade developments, as Trump signaled willingness to reengage in tariff negotiations with the European Union and other key partners.
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