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<Commodity>US May Finalize 15% Refined Copper Tariff by End-Jun; G Sachs Lifts End-Yr LME Copper Price Forecast by 10%+
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Copper prices in New York and London ascended as less than one month remains before the US tariff deadline. The US Secretary of Commerce must submit an updated recommendation on refined copper tariffs to US President Donald Trump by June 30, in order to determine whether the US will formally impose a 15% tariff on refined copper starting next year. Ahead of the official decision, the premium of US copper prices over the rest of the world widened again, prompting a surge of copper shipments into US ports. As of 11:44 am today (1st), copper prices on the London Metal Exchange (LME) rose 0.4% to USD13,687.5 per ton; copper futures on the New York Mercantile Exchange climbed 1% to USD6.45 per pound, marking the highest closing level since May 14. Copper prices have accumulated a 5% gain in May. Goldman Sachs has raised its end-year price forecast for LME copper by more than 10%, reflecting US stockpiling of copper and weaker-than-expected mine supply, which is expected to tighten market supply. The bank now expects copper prices to reach USD13,735 per ton by the end of this year, more than 10% higher than its previous forecast of USD12,465 per ton. The projection is based on expectations that the US will once again delay tariffs on refined metals. Auto-translated by AI This article was automatically translated by AI, the original language version should be considered the authoritative version. AASTOCKS.com Limited does not guarantee its accuracy or completeness and accepts no liability for any damages or losses arising from the use of this translation. More Details
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