Copper: Sentiment over tariffs improves – ING

Hopes Donald Trump’s next round of tariffs, due to be announced on 2 April , could be more measured supported industrial metals prices at the start of the new week, ING's commodity experts Ewa Manthey and Warren Patterson note.

Copper is likely to remain supported amid the front-running of tariffs

"On Friday, Trump signalled 'flexibility' in his plan for reciprocal tariffs. Reports over the weekend suggest tariffs could be narrower in scope and potentially exempt some industries. Copper is trading just below $10,000/t after advancing above this key level late last week." 

"In February, Trump instructed the US Commerce Department to mull potential copper import tariffs. That triggered a sharp rally in copper prices and has traders shifting metal from global London Metal Exchange (LME) warehouses to the US. Copper is likely to remain supported amid the front-running of tariffs." 

"And tightening of the ex-US physical market as more metal makes its way to the US ahead of any potential levies."