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Mint
31-07-2025
- Business
- Mint
Copper prices rangebound as US tariff exemption for cathodes calms markets
SINGORE, - Copper prices were rangebound on Thursday as traders felt relieved after U.S. President Donald Trump excluded copper cathodes, the most liquid red metal product in the market, from the 50% import tariff on the metal to be effective on August 1. Three-month copper LME edged up 0.39% to $9,736 per metric ton by 0104 GMT, while the most-traded copper contract on SHFE eased 0.48% to 78,710 yuan a ton. 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. For the top stories in metals and other news, click or DATA/EVENTS 0645 France CPI Prelim MM, YY July 0645 France CPI Prelim MM, YY NSA July 0645 France Producer Prices YY June 0755 Germany Unemployment Chg, Rate SA July 0900 EU Unemployment Rate June 1200 Germany CPI, HICP Prelim YY July 1230 US Consumption, Adjusted MM June 1230 US Core CPE Price Index MM, YY June 1230 US PCE Price Index MM, YY June 1230 US Initial Jobless Clm 26 Jul, w/e This article was generated from an automated news agency feed without modifications to text.
Time of India
31-07-2025
- Business
- Time of India
Gold rebounds from 1-month low on renewed trade uncertainty
Gold prices experienced a rebound, climbing 0.4% to $3,286.99 per ounce, after hitting a one-month low due to renewed trade uncertainties sparked by fresh U.S. tariff announcements. Investors bought on dips, even as expectations for a U.S. rate cut diminished following the Federal Reserve's decision to hold interest rates steady. Market participants are now awaiting the U.S. Tired of too many ads? Remove Ads FUNDAMENTALS Tired of too many ads? Remove Ads Gold prices rebounded on Thursday from a one-month low hit in the previous session, as trade uncertainty stemming from fresh U.S. tariff announcements lifted bullion demand and investors bought on dips despite reduced expectations of a U.S. rate cut.* Spot gold was up 0.4% at $3,286.99 per ounce, as of 0041 GMT. Bullion hit its lowest level since June 30 in the previous session.* U.S. gold futures fell 0.5% to $3,282.10.* U.S. President Donald Trump on Wednesday issued a blitz of tariff announcements, ranging from changes to previously threatened levies on imports of copper and on goods from Brazil to ending an exemption from tariffs for small-value shipments from overseas.* Trump announced a deal with South Korea involving a 15% U.S. tariff on imports from the country, while confirming ongoing negotiations with India after declaring a 25% tariff on Indian goods effective Friday. He also expressed optimism about trade talks with China, stating he expects a fair deal to be reached.* Meanwhile, the U.S. Federal Reserve held interest rates steady on Wednesday and Chair Jerome Powell's comments following the decision dampened expectations of rate cuts in September.* Gold, often considered a safe-haven asset during economic uncertainties, tends to do well in a low interest rate environment. * The market awaits the U.S. core PCE index data due later in the day, which is expected rise 0.3% month-on-month and 2.7% year-on-year, as per a Reuters poll.* U.S. economic growth rebounded more than expected in the second quarter, but that measurement grossly overstated the economy's health as declining imports accounted for the bulk of the improvement and domestic demand increased at its slowest pace in 2-1/2 years. Spot silver held steady at $37.10 per ounce, platinum fell 0.3% to $1,308.85 and palladium rose 0.9% to $1,216.25. DATA/EVENTS (GMT) 0130 China NBS Manufacturing PMI July 0645 France CPI (EU Norm) Prelim MM, YY July 0645 France CPI Prelim MM, YY NSA July 0645 France Producer Prices YY June 0755 Germany Unemployment Chg, Rate SA July 0900 EU Unemployment Rate June 1200 Germany CPI, HICP Prelim YY July 1230 US Consumption, Adjusted MM June 1230 US Core CPE Price Index MM, YY June 1230 US PCE Price Index MM, YY June 1230 US Initial Jobless Clm 26 Jul.
