Copper Steady Near Highs as US Tariff Deadline Nears

Copper futures held steady around $5.78 per pound on Friday, trading near record highs as markets braced for the implementation of a 50% US tariff on copper imports set to take effect on August 1. With the deadline approaching, ships carrying the metal are reportedly rushing to reach US ports ahead of the new levy. The tariff is expected to disrupt global supply chains, given copper’s critical role in sectors such as energy, consumer goods, and defense. It also raises concerns over supply security, as the US currently imports nearly half of its copper consumption. However, analysts caution that prices could face a sharp correction once the rush to beat the tariff ends, potentially triggering a steep drop in US-bound demand. Meanwhile, markets are keeping a close eye on next week’s US-China trade talks in Stockholm, which could shape the broader outlook for commodities and global trade flows.