Uncertainty over US tariffs keeps copper trading in a tight range

Business Recorder reported that copper prices barely moved on Tuesday as the metal held in a narrow band for a third consecutive session. Traders weighed doubts about possible US import tariffs against inflation worries tied to higher oil prices, which kept risk appetite subdued. On the London Metal Exchange, the three-month benchmark contract gained 0.1% to $14,353 per metric ton by 0955 GMT.

Goldman Sachs said China's shortage of copper scrap is raising its need for refined metal as domestic stocks are drawn down. US imports continue and inventories build ahead of possible tariffs, which the bank cited as support for prices. Its analysts forecast an average of $15,400 in 2027, compared with $14,700 at the close of 2026.

Panmure Liberum analyst Tom Price said copper has risen 55% since January 2025, a period that began with Donald Trump's return to the US presidency, even though worldwide demand shrank 0.5% to a level of 27 million metric tons. Comex copper stocks reached a record 718,199 metric tons, compared with 87,241 in January 2025. BHP Group and Anglo American reported quarterly copper output declines of 19% and 5% respectively because of Chilean disruptions, but both kept full-year output guidance.