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Copper falls on Middle East unrest
Copper prices saw a slight decline today as the market was affected by rising tensions in the Middle East and the repercussions of global economic concerns, despite expectations of the potential imposition of US tariffs on imports. The London Metal Exchange copper contract decreased by 0.32%, reaching $13,572 per ton, while its price on the Shanghai Exchange was approximately $15,366.79. Meanwhile, higher energy costs and manufacturing sector pressures temporarily boosted demand for copper. Markets are awaiting the release of the US May inflation data, with expectations of interest rate hikes, which are putting pressure on the metals market. Additionally, there are reports indicating a possibility of a 15% tariff on US copper imports starting in 2027, with an expected increase to 30% in 2028.
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