01-Aug-2025 17:41

COMEX Copper found some stability today after maddening moves earlier this week. The metal was hit hard on tariff play that tricked the traders and lead to a record fall in the Copper. The US informed that 50% tariff imposed on Copper will only apply to semi-finished Copper products imported. However, imports of refined metal will not attract any tariff. COMEX Copper tanked around 20% after the announcement and the metal continued to sink thereafter as metal played catch up the LME Copper prices. The COMEX Copper futures are currently trading at $4.38 per pound, up 0.57% on the day but had lost around 25% this week, clearing make it one of the worst weekly declines on record. The counter is near four-month low right now. Meanwhile, in Asia today, China's Shanghai Composite index added to latest losses and shed 0.37%. Hong Kong's Hang Seng index lost 1% while Japan's Nikkei average eased 0.60%. European stocks tumbled as markets eyed the impact of US tariffs around the globe. German DAX is off 1.5%. The US stocks stayed under pressure on the last session of the month of July. The Dow fell 0.70%.

Powered by Commodity Insights