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Copper futures end sharply higher as tariff fears loom

03 Jun 2025 Evaluate

Copper futures ended sharply higher on Monday as traders bet that Trump would impose hefty duties on the metal used in power and construction. U.S copper touched a near two-month peak, widening its premium over benchmark London prices. President Donald Trump announced last week that he would increase the tariffs on steel and aluminum imports to 50%, up from 25%. Trump announced the new steel and aluminium levies, which take effect on June 4.

Copper futures for July delivery gained $0.181 or 3.87 percent to settle at $4.8585 a pound on the Comex metals division of New York Mercantile Exchange. Copper on the London Metal Exchange was up by 1.1 percent at $9597 a ton (provisional).