08-Mar-2025 14:28

COMEX copper futures zoomed above $4.70 per ounce mark, spiking as U.S. President Donald Trump suggested imports of the metal could be subject to a 25% tariff. Trump had announced that the Commerce Department would undertake a sweeping investigation that could lead to levies on copper on national security grounds. Falling inventories and weak US dollar index -which tested near four month low also supported the red metal which is up around 3.60% this month after soaring more than 6% in February. Meanwhile, China's unwrought copper imports dropped by 7.2% year-on-year to 837,000 metric tons in the first two months of 2025, customs data on Friday showed, due to increased domestic smelting capacity that reduced the need for additional imports. Imports of copper concentrate stood at 4.71 million tons for January and February, up 1.3% from corresponding period last year, data from the General Administration of Customs showed.

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