Macquarie: US tariffs may drag down copper prices

On July 10 (Thursday), US President Trump announced that the US would impose a 50% tariff on imported copper, effective from August 1, 2025. Following the announcement, COMEX copper futures surged by over 12%.

In a research report, Macquarie wrote that this was likely a follow-up action by the US government in response to the "232" investigation launched in February this year on imported copper semis.

Macquarie believes that the 50% import tariff imposed by the US on copper could disrupt the global copper market. This tariff measure could prevent 100,000 mt of surplus inventory from entering the US each month and instead redirect it to other markets.

(Wenhua Comprehensive)