Copper extends losses, driven by uncertainties over US tariffs

Copper prices extended their losses on Monday, according to Business Recorder, as doubts over potential US tariffs on refined copper kept sentiment subdued. On the London Metal Exchange, the three-month contract slipped 0.20% to $14,212 a metric ton by 0313 GMT, while the most actively traded contract in Shanghai lost 0.39%, reaching 108,240 yuan ($16,139.57) a metric ton.

The metal had dropped sharply on Thursday after a Reuters report said the White House had not yet decided whether to impose duties on refined copper imports, balancing higher manufacturing costs against efforts to encourage domestic supply. Everbright Futures, a Chinese broker, said traders remain focused on the Section 232 tariff decision expected on September 28, and it described its near-term view on copper as cautious and bearish.

COMEX copper shed more than 4% last week, while warehouse stocks in COMEX fell 0.02% on Friday to 767,504 short tons, which equals 696,268 metric tons, their first decline since mid-June. Broader sentiment also soured as Asian equities fell and oil climbed above 2% on renewed Middle East supply worries, while most other base metals on the LME and SHFE also came under pressure.