Copper Futures Extend Weekly Losses to Over 10%
Copper futures dropped over 4.5% to $4.6 per pound on Friday, marking a 10.2% weekly loss, due to concerns that US tariffs and retaliatory actions from trading partners could lead to a global recession. China announced it would impose a 34% tariff on all US imports starting April 10 and impose export controls on rare earths, retaliating against US tariffs. Trump announced broad import tariffs, including on major copper-consuming economies such as China (54%), the EU (20%), Japan (24%), and India (27%). Still, Trump’s new tariffs do not apply to copper, gold, energy, and certain minerals unavailable in the US. The red metal had surged to a record high of $5.2 in late March on speculation that Trump might impose copper-specific tariffs within weeks, but prices have since retreated as those concerns have yet to materialize.