Copper prices rangebound as US tariff exemption for cathodes calms markets
LME and SHFE copper contracts are priced on copper cathode.
Trump on Wednesday signed a proclamation ordering 50% tariffs on semi-finished copper products and copper-intensive derivative products as of August 1. He exempted copper cathodes and other red metal input materials such as scrap, ores, concentrates, mattes and anodes.
"COMEX copper price tumbled as it had been with a large premium against the LME copper, but traders outside the U.S. have responded more calmly," a Shanghai-based metals analyst at a futures company said.
"They must have felt relieved that the copper market has finally been back to normal after the speculation on the U.S. copper import tariffs in the past few months."
U.S. September COMEX copper futures plunged 19.1% to $4.517 a lb, or $9,958 per metric ton as of 0130 GMT, and the fall in COMEX copper slashed the premium over the London benchmark to $222 a ton from recent levels above $3,000 a ton.
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