Copper ($COPPER) Commodity Forecast: Up 5.0% Today

What is Copper?

Copper, a crucial industrial metal for various sectors, saw a positive trend in the market today.

Why is Copper going up?

COPPER commodity is up 5.0% on Mar 5, 2025 14:57

• Copper futures reached a 9-month peak surpassing $4.76 per pound due to recent statements by US President Trump regarding potential tariffs on copper imports to promote domestic production and reduce reliance on imports.
• Concerns about US tariffs on copper imports have driven up copper prices, given the country's significant import reliance and limited domestic smelting capabilities.
• Uncertainties surrounding tariffs, global trade tensions, and excessive Chinese copper production capacity have led to fluctuations in copper prices throughout the week.
• Market participants are monitoring Trump's tariff decisions and their implications on copper supplies, while also evaluating the broader impacts on global trade patterns and metal demand.

COPPER Price Chart

COPPER Technical Analysis

COPPER News

Copper Surges to 9-Month High on US Tariffs

Copper futures surged over 5% to above $4.76 per pound on Wednesday, testing their highest in nine months after US President Trump stated that the country would tariff copper imports. The US President noted he imposed tariffs on copper along with other base metals in his speech before Congress, contradicting earlier pledges that potential levies on the metal were still to be investigated by the Department of Commerce before being implemented later in the year. Such a move would increase dependency on domestic capacity, which is limited to only two major smelters, as the US imports nearly half of its copper. In China, supply remained ample. Treatment charges by smelters were still below zero, reflecting the large extent of overcapacity in refined copper production in the major producer. Additionally, copper stocks in China rose toward 270,000 tonne mark, thrice the level from the start of the year.

Copper Rises on Tariff Worries

Copper futures rose above $4.60 per pound on Wednesday, recovering losses from earlier in the week as concerns persisted that US President Donald Trump could still impose tariffs on the metal. Trump had previously launched a probe into the possibility of new tariffs on copper imports, aiming to boost domestic production of this critical metal, essential for industries like electrification and defense. Such tariffs could strain US copper supplies, as the country relies on just two major smelters and imports nearly half of its copper needs. Additionally, US tariffs on aluminum and steel are set to take effect next week, adding further pressure on global metal markets. Investors also reacted to reports that China, the world’s top consumer of copper, has set its 2025 GDP growth target at "around 5%," the same target as last year.

Copper Struggles Amid Tariff Uncertainty

Copper futures held steady around $4.55 per pound on Tuesday, remaining within a narrow trading range for about a week due to ongoing uncertainty surrounding potential US tariffs on the metal. US President Donald Trump had previously initiated a probe into imposing new tariffs on copper imports, aiming to boost domestic production of this critical metal, which is essential for electrification, military, and other industries. Such tariffs could tighten US copper supplies, as domestic capacity is limited to just two major smelters, and the US currently imports nearly half of its copper needs. Meanwhile, treatment charges for Chinese smelters remained negative, indicating significant overcapacity in refined copper production in the world’s largest producer. Additionally, copper stocks in China have surged toward the 270,000-tonne mark, three times the level seen at the start of the year.

Copper Rises to 2-Week High

Copper futures gained traction and rose to $4.6 per pound on Monday, the highest in over two weeks, as markets continued to assess the impact that tariffs by US President Trump would have on domestic capacity. The US President launched a probe into potential new tariffs on copper imports, driving market players to position for the possibility of levies by the end of the year as the government was set to follow through with immediate tariffs on other base metals, including aluminum. Such a move would increase dependency on domestic capacity, which is limited to only two major smelters, as the US imports nearly half of its copper. In China, supply remained ample. Treatment charges for Chinese smelters were still below zero, reflecting the large extent of overcapacity in refined copper production in the major producer. Additionally, copper stocks in China rose toward 270,000 tonne mark, thrice the level from the start of the year.

Copper Pulls Back as Traders Assess Tariff Risks

Copper futures fell to around $4.52 per pound on Friday, reversing gains from earlier in the week as traders weighed the likelihood that President Donald Trump will follow through on his tariff threats against the metal. On Tuesday, Trump directed the government to explore potential tariffs on copper imports to boost US production. This move is seen as part of his broader strategy to counter China’s efforts to dominate the global copper market, with copper being a key material in manufacturing electric vehicles, military equipment, and various consumer goods. Meanwhile, Trump confirmed on Thursday that his proposed 25% tariffs on Mexico and Canada would take effect on March 4, along with an additional 10% duty on Chinese imports. These actions heighten the risk of a global trade war, which could dampen overall demand, particularly in China, the world’s largest copper consumer.

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Copper Price History

30.08.2024 - COPPER Commodity was down 5.0%

• Copper experienced a bearish movement today despite recent bullish trends.
• The bearish movement could be attributed to profit-taking by investors after a series of strong gains driven by China's stimulus measures.
• The market may have reacted to concerns about the sustainability of the recent price surge, leading to a temporary pullback.
• Traders might be cautious amid uncertainties surrounding the global economic outlook and potential shifts in central bank policies.

06.00.2025 - COPPER Commodity was up 1.8%

• Despite facing pressure from a strong US dollar, Copper experienced a bullish movement today, likely driven by positive economic data from China's services sector, signaling resilient consumption.
• The market movement could also be attributed to investors' optimism following Beijing's pledge to implement more proactive macroeconomic policies and lower interest rates to stimulate economic growth, despite concerns over the lack of concrete fiscal support measures.
• The recent drop in Copper prices to a 20-week low and a 3-month low could be indicative of the market's sensitivity to manufacturing demand outlook and ongoing economic uncertainties, highlighting the volatility and challenges faced by the commodity.

03.11.2024 - COPPER Commodity was up 2.7%

• The bullish movement in copper prices today was driven by several factors:
• Expectations of additional stimulus measures in China to support economic growth amid uncertainties, including potential tariff threats.
• A weaker US dollar after significant events, making copper more appealing to buyers using other currencies.
• Improved global risk sentiment seen in gains in US stocks and reductions in the dollar and Treasury yields, easing concerns over tariff threats.
• Anticipated increased demand from China's appliance and automotive sectors, despite weak overseas demand and production challenges at the Escondida copper mine in Chile.

06.10.2024 - COPPER Commodity was down 5.1%

• Copper prices declined significantly today, reaching $4.25 per pound, marking the lowest point in more than a month.
• The drop in copper prices was mainly influenced by a strong increase in the US dollar after the recent election of Donald Trump as the 47th US President. The anticipation of higher interest rates due to his fiscal policy and tariffs led to decreased demand for commodities like copper priced in the US dollar.
• Concerns regarding potential trade conflicts between the US and China, the largest consumer of copper globally, also contributed to the downward pressure on copper prices, as elevated tariffs could harm economic growth and reduce demand for the metal.
• Despite the price decline, there are anticipations of additional economic stimulus measures from China, which might bolster manufacturing activities and offer some support to copper prices in the future.

06.10.2024 - COPPER Commodity was down 5.1%

• The bearish movement in Copper today can be attributed to:
• Concerns over US election risks, particularly the potential impact of a victory by former President Donald Trump on trade relations with China, a major consumer of copper.
• The strengthening US dollar, which makes dollar-denominated commodities like copper more expensive for buyers using other currencies, leading to reduced demand.
• Uncertainty surrounding the ongoing National People’s Congress in China and the details of additional fiscal stimulus measures, which could affect economic activity and demand for industrial metals like copper.

29.09.2024 - COPPER Commodity was up 2.4%

• The bullish movement in copper today can be attributed to the optimism surrounding Chinese demand following stimulus measures and expectations of more fiscal stimulus announcements at the National People’s Congress meeting.
• The slight pullback in the dollar also supported copper prices, as investors assessed Federal Reserve monetary policy and the upcoming US presidential election.
• Supply concerns, particularly in China and the US, have also contributed to the bullish sentiment as tight copper concentrate markets and domestic production constraints led to increased imports in the US.
• Overall, the bullish movement in copper today reflects a combination of demand optimism, supply worries, and macroeconomic factors influencing the metal's price.

05.02.2025 - COPPER Commodity was up 5.0%

• Copper futures reached a 9-month peak surpassing $4.76 per pound due to recent statements by US President Trump regarding potential tariffs on copper imports to promote domestic production and reduce reliance on imports.
• Concerns about US tariffs on copper imports have driven up copper prices, given the country's significant import reliance and limited domestic smelting capabilities.
• Uncertainties surrounding tariffs, global trade tensions, and excessive Chinese copper production capacity have led to fluctuations in copper prices throughout the week.
• Market participants are monitoring Trump's tariff decisions and their implications on copper supplies, while also evaluating the broader impacts on global trade patterns and metal demand.

05.02.2025 - COPPER Commodity was up 5.0%

• The bullish movement in copper prices today can be attributed to ongoing concerns about potential tariffs on copper imports to the US, which may tighten US copper supplies and increase reliance on domestic production.
• Recent tariff threats against copper imports are aimed at challenging China's dominant position in the global copper market, impacting overall market sentiment and contributing to price increases.
• Uncertainty surrounding tariffs and the risk of a global trade conflict due to rising tensions with major trading partners have prompted investors to hedge against possible supply chain disruptions, resulting in the upward movement of copper prices.

07.10.2024 - COPPER Commodity was up 5.1%

• Today's bullish movement in copper prices is linked to optimism regarding potential stimulus measures in China and expectations for the country's economic recovery.
• The market responded positively to news of China's expanding trade surplus and the potential for increased government spending to stimulate the economy, boosting copper demand.
• Conversely, the bearish movement in copper prices resulted from concerns about a strong US dollar, possible US tariffs, and escalating US-China tensions, all of which could negatively affect economic activity and copper demand.
• In summary, today's fluctuations in copper prices underscore the intricate interplay of global economic trends, trade policies, and stimulus measures that collectively influence the demand and pricing of this essential industrial metal.

07.10.2024 - COPPER Commodity was up 5.1%

• The bullish movement in copper prices today can be attributed to the optimism surrounding potential stimulus measures in China to boost economic growth, as well as hopes for a strong economic recovery in the country.
• The bearish movement in copper prices was driven by concerns over a strong US dollar, following the election of Donald Trump as the 47th US President, which dampened demand for dollar-denominated commodities like copper.
• The fluctuation in copper prices also reflects market volatility due to uncertainties surrounding US-China relations, especially in terms of potential tariffs and trade tensions, which could impact global economic activity and demand for industrial metals like copper.

09.11.2024 - COPPER Commodity was up 1.7%

• Copper prices surged to a 4-week high as investors awaited key policy announcements from China, the world's largest consumer of copper, leading to expectations of additional economic support measures.
• Speculation around potential stimulus measures from China, amid uncertainties including the return of US President-elect Donald Trump, contributed to the bullish movement in Copper prices.
• The positive outlook for Copper was further supported by recent data showing Chinese manufacturing activity expanding for the second consecutive month in November, reinforcing the demand for the industrial metal.
• The market sentiment towards Copper remained optimistic as traders anticipated potential stimulus measures from Beijing, driving Copper prices higher and maintaining a bullish trend.

25.01.2025 - COPPER Commodity was up 2.6%

• Despite initial concerns over ample supply and surplus in the global copper market, prices stabilized and even saw a bullish movement recently.
• The decision to exclude copper from tariff threats, along with positive trade talks between two major economies, likely boosted market sentiment and supported the outlook for copper demand.
• Ongoing restrictions on copper smelting in China due to overcapacity may have also contributed to the bullish movement, as it could potentially lead to a tighter supply in the future.
• Overall, the combination of geopolitical developments, trade negotiations, and supply-side factors seem to have played a role in driving the bullish movement in copper prices recently.