Copper ($COPPER) Commodity Forecast: Down 5.1% Today

What is Copper?

Copper, a vital industrial metal, experienced a significant bearish movement today amidst ongoing market uncertainties and trade tensions between major economies.

Why is Copper going down?

COPPER commodity is down 5.1% on Apr 30, 2025 17:36

• Copper futures plunged to $4.55 per pound from recent highs, driven by low demand and ample supply exacerbated by unwinding arbitrage traders in China.
• The unexpected contraction in Chinese manufacturing activity and escalating trade tensions between the US and China further weighed on copper prices.
• The threat of tariffs by the US, particularly on copper imports, added to the bearish sentiment and raised concerns about oversupply and limited smelting capacity.
• Despite a recent surge in copper prices due to the suspension of reciprocal tariffs by the US government, the market sentiment turned bearish again amid fears of a global economic slowdown and trade uncertainties.

COPPER Price Chart

COPPER Technical Analysis

COPPER News

Copper Extends Plunge

Copper futures sank to $4.55 per pound on Wednesday from four-week highs of $4.9 earlier in the week as low demand and ample supply were magnified by the unwinding of arbitrage traders in China. The NBS manufacturing PMI in China unexpectedly sank to a 16-month low as export orders plunged the most since 2022. This reflected US consumers' reluctance to maintain supply chains after President Trump escalated tariffs on China to 145% on top of previous levies. Exports of goods had been a relief for Chinese manufacturers and copper smelters, as poor domestic demand drove firms to offload their goods on foreign markets. Ample ore output from South America amplified the backdrop of oversupply, with the International Copper Study Group doubling its forecast on this year's surplus to nearly 300,000 tonnes. Consequently, increasing risks of a glut drove Chinese traders to close long positions on US copper futures, which were mostly open after Trump announced a probe to tariff copper imports.

Copper Plunges from Recent Peaks

Copper futures sank to $4.6 per pound on Wednesday after testing four-week highs of $4.9 earlier in the week, as the threat of tariffs by the US already hit global manufacturing demand. The official manufacturing PMI in China unexpectedly sank to a 16-month low in April as export orders for the sector plunged the most since 2022, reflecting US consumers' reluctance to maintain supply chains after President Trump escalated tariffs on China to 245%. Exports of goods had been a relief for Chinese manufacturers and copper smelters, as poor domestic demand drove firms to offload their goods on foreign markets. Still, further declines were capped by supply worries stateside. Trump launched a probe to tariff copper imports, which would stress the limited smelting capacity and raise bidding competitions. The threat widened the premium of copper futures in the US against comparable contracts in the LME, reigniting the surge in the metric after its volatility earlier in April.

Copper is down by 2%

Copper decreased 2% to 4.7154 USD/Lbs

Copper Extends Losses Amid US-China Trade Uncertainty

Copper futures fell over 1% to around $4.75 per pound on Wednesday, extending declines from the previous session as persistent trade tensions between the US and China continued to pressure market sentiment. Uncertainty remains over whether the two countries are actively engaged in negotiations, though both have expressed openness to de-escalation amid rising concerns about the economic fallout of the trade dispute. Adding to the bearish tone, recent data showed Chinese manufacturing activity contracted more than expected in April, reflecting the impact of trade-related headwinds on production. Looking ahead, investors are closely watching upcoming economic growth figures from the US and Eurozone for further clues on the health of global demand and industrial activity.

Copper Surges Over 20% in April

Copper futures in the US soared to $4.9 per pound in late April, the highest since the start of the month and surging over 20% since the US government suspended their series of aggressive reciprocal tariffs on April 9th amid less pessimism on global manufacturing and risks of tight supply domestically. Concerns of an imminent recession in the US and poor goods demand across major economies were tamed after the White House delayed its reciprocal tariffs by 90 days and announced a batch of exemptions for auto makers, key copper consumers. In the meantime, domestic prices were also lifted by threats of targeted tariffs on copper following the probe launched by US President Trump, which would stress the limited smelting capacity and raise bidding competitions. The threat widened the premium of copper futures in the US against comparable contracts in the LME, reigniting the surge in the metric after its volatility earlier in April.

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Copper Price History

08.03.2025 - COPPER Commodity was down 5.2%

• Copper prices experienced a bearish movement, hitting a four-month low, amidst concerns over the escalating trade war between the US and China.
• The market sentiment fluctuated as President Trump's trade policies created uncertainty, with fears of a global recession impacting copper prices.
• Trump's threats of additional tariffs on Chinese imports and China's retaliatory measures contributed to the downward pressure on copper futures.
• Despite hopes of easing tensions and potential trade talks, the volatility in the market is expected to persist, reflecting the sensitivity of copper prices to geopolitical developments.

09.03.2025 - COPPER Commodity was up 5.1%

• Copper prices bounced back above $4.20 per pound, signaling a technical rebound after recent losses, driven by fears of a tariff-induced global recession.
• Investor sentiment improved as US President Trump hinted at engaging in trade talks with key partners, raising hopes for a de-escalation in global trade tensions.
• The market movement was influenced by ongoing concerns about an escalating trade war, with copper prices being particularly sensitive to developments in US-China trade relations.
• Despite the volatility, copper prices were supported by the exclusion of the metal from new US tariffs, providing some relief to market participants and contributing to the bullish movement.

09.03.2025 - COPPER Commodity was up 8.7%

• Copper price surged by 8% to $4.4 per pound.
• The market movement was primarily driven by the decision to pause reciprocal tariffs for 90 days, easing concerns about trade barriers impacting global growth and manufacturing demand.
• Despite the recent rally, copper futures are still down nearly 20% from their record high due to ongoing trade tensions and uncertainties surrounding future tariffs.
• The premium of copper futures in the US widened against comparable contracts in the LME, reflecting concerns about limited US smelting capacity and the potential impact of trade barriers on the industry.

04.03.2025 - COPPER Commodity was down 6.8%

• Amid escalating trade tensions between the US and its major trading partners, particularly China, copper futures experienced a significant bearish movement.
• The market reacted negatively to fears of a global recession triggered by the imposition of tariffs by US President Donald Trump and subsequent retaliatory actions from key economies.
• Despite initial speculations of copper-specific tariffs, the metal faced pressure as Trump's new tariffs excluded copper, resulting in price declines.
• The uncertainty surrounding potential US tariffs on copper imports and broader risk-off sentiment in the markets contributed to a sharp decline in copper prices, erasing earlier gains.

04.03.2025 - COPPER Commodity was down 5.1%

• Copper prices plummeted to a three-week low of around $4.75 per pound due to escalating global recession fears fueled by trade policies.
• The clarification that certain minerals, including copper and gold, were exempt from new tariffs initially boosted copper futures, but trade tensions continued to impact the metal.
• Investors are closely watching the potential effects of upcoming U.S. tariffs on copper imports, with suggestions of a quicker implementation timeline adding to market uncertainty.
• The bearish trend in copper prices reflects the market's response to trade and geopolitical factors, underscoring the importance of monitoring policy announcements for industrial commodities.

07.03.2025 - COPPER Commodity was up 5.5%

• Copper prices experienced a strong bullish movement today despite recent bearish trends.
• The market movement can be attributed to the confirmation that Trump's new tariffs do not apply to copper, gold, energy, and certain minerals unavailable in the U.S., easing concerns about potential tariffs on copper.
• The ongoing trade tensions between the U.S. and its major trading partners, particularly China, have created volatility in copper prices, with fears of a global recession impacting market sentiment.
• Investors are closely monitoring developments in the trade war and potential tariffs on copper, which could continue to influence the future direction of copper prices.

03.03.2025 - COPPER Commodity was down 5.8%

• Copper prices fell to a three-week low as US President Donald Trump's announcement of reciprocal tariffs on major economies, including China, the EU, Japan, and India, raised concerns about a potential global trade war.
• The uncertainty surrounding the imposition of US tariffs on copper imports within weeks led to profit-taking by traders, causing a sharp retreat from record highs earlier in the week.
• Reports of increased US copper imports ahead of the potential tariffs have tightened supply in key markets, prompting US companies to explore alternative sources from South America to offset the anticipated impact.

30.03.2025 - COPPER Commodity was down 6.1%

• Copper futures experienced a significant drop due to increasing trade tensions between the US and China, impacting global manufacturing demand and sentiment.
• A sudden shrink in Chinese manufacturing activity and uncertainties regarding trade negotiations added to the pessimistic tone, resulting in a 2% decline in copper prices.
• Despite recent spikes driven by tariff suspensions and exemptions, persistent trade uncertainty and a subdued demand outlook contributed to the downward pressure on copper prices.
• Investors are closely observing economic growth data from the US and Eurozone for additional insights into global demand and industrial activity, which may continue to influence copper prices in the short run.

30.03.2025 - COPPER Commodity was down 5.0%

• Copper declined by 2% to $4.7154 USD/Lbs in today's trading session.
• Ongoing US-China trade uncertainty influenced the market sentiment, with tensions between the two countries having an impact on copper prices.
• Weaker-than-expected Chinese manufacturing data also contributed to the bearish movement, highlighting the effects of trade-related challenges on production.
• The strengthening of the US dollar, fueled by indications of reduced global trade tensions and positive expectations for trade talks, added pressure on copper prices as a dollar-denominated commodity.

30.03.2025 - COPPER Commodity was down 5.1%

• Copper futures plunged to $4.55 per pound from recent highs, driven by low demand and ample supply exacerbated by unwinding arbitrage traders in China.
• The unexpected contraction in Chinese manufacturing activity and escalating trade tensions between the US and China further weighed on copper prices.
• The threat of tariffs by the US, particularly on copper imports, added to the bearish sentiment and raised concerns about oversupply and limited smelting capacity.
• Despite a recent surge in copper prices due to the suspension of reciprocal tariffs by the US government, the market sentiment turned bearish again amid fears of a global economic slowdown and trade uncertainties.

10.03.2025 - COPPER Commodity was up 5.1%

• Copper futures surged by 8.5% to $4.4 per pound after hitting three-month lows, as a recent decision to pause reciprocal tariffs for 90 days eased concerns over global growth and manufacturing demand.
• The rally in copper prices was driven by improved investor sentiment following changes in trade policy, which lowered tariffs on imports and alleviated fears of trade barriers impacting economic activity.
• Despite the positive momentum, uncertainty remains as the trade war between two countries continues, with the possibility of targeted tariffs on copper still looming in the near future.
• The fluctuating copper prices reflect the ongoing volatility in the commodity market, influenced by geopolitical tensions and trade negotiations that impact supply chains and demand dynamics.

10.03.2025 - COPPER Commodity was up 6.5%

• Copper futures surged above $4.40 per pound as investor sentiment improved following a decision to lower tariffs on imports, easing concerns over global growth and manufacturing demand.
• The bullish movement was further fueled by hopes of countries reaching deals to remove trade barriers with a certain country, despite lingering uncertainty over potential tariffs targeting copper directly.
• Despite recent declines and fears of a global recession triggered by an escalating trade war, copper prices received a boost from supply concerns and relief that the metal was excluded from new tariffs, contributing to the bullish market movement.
• The market's positive reaction to the shift in trade policy and the temporary pause on reciprocal tariffs underscored the sensitivity of copper prices to trade developments and economic outlook, highlighting the metal's role as a key indicator of economic activity.