Copper Prices Pause Below Record as China Imports Slump, Mine Supply Drops to First 2017 Low
Copper briefly fell below its all‑time high after four consecutive gains, as China’s imports of unwrought copper fell to the weakest level in six years. U.S. imports surged to record highs, while mine supply is expected to decline for the first time since 2017, raising concerns about future availability. The potential imposition of U.S. tariffs on refined copper adds further uncertainty to the market.
Copper briefly fell below its all‑time high after four consecutive gains, as China’s imports of unwrought copper fell to the weakest level in six years. U.S. imports surged to record highs, while mine supply is expected to decline for the first time since 2017, raising concerns about future availability. The potential imposition of U.S. tariffs on refined copper adds further uncertainty to the market.
In the short to medium term, copper is likely to remain near record levels as supply constraints and strong U.S. demand support prices, but tariff uncertainty could trigger volatility. Aluminum saw a modest decline, but its impact is secondary. Overall, traders should monitor U.S. tariff announcements and Chinese import data closely.