|

50% tariff on copper, Brazil

ByVictoria

President Donald Trump on Wednesday said the White House was “very busy” crafting its trade policy as the clock ticks down on his self-imposed August 1 deadline. At that point, America could fundamentally reshape the way it does business around the world.

Trump signed executive actions on Wednesday imposing a 50% tariff on Brazil, a 50% tariff on certain copper products and suspending a tax perk for all countries that allowed cheap packages to fly into the US duty-free.

Trump said the agreement, if completed, would include developing Pakistan’s oil reserves with a yet-to-be-named oil company.

Source – CNN

Similar Posts

  • /

    Silver breaks above $33.45

    ByVictoria
    0 Comments

    After briefly dipping to $32.66 last week, silver has regained the $33.45 pivot, which now serves as near-term support. The level is seen as a trigger for momentum trades, and a sustained move above it could drive a retest of the recent high at $34.24. A breakout above that zone would open the path toward resistance between $34.87 and $35.40. Conversely, a failure to hold $33.45 could expose the downside to the $32.53–$31.81 retracement range.

    Source – FX Empire

  • /

    Copper futures up 5%

    ByVictoria
    0 Comments

    U.S. copper futures rallied nearly 5% on Wednesday, rising more than other global benchmarks, after President Trump said imports of the metal would be subject to a 25% tariff; the front-month May Comex contract (HG1:COM) currently +4.6% at $4.76/lb.

    Trump’s comments in last night’s speech to Congress sparked a surge in Comex copper prices in Asian hours, as traders reacted to the possibility that copper tariffs could be larger than expected.

    “A 25% tariff was clearly not what the market was expecting before those comments, and now traders are scrambling to price in the correct level, whatever that might end up being,” Saxo Bank’s Ole Hansen said. “Whatever the final tariff is, the disruption to global trade flows is very real.”

    Source – Seeking Alpha

  • /

    Goldman Sachs forecasts up to 12 month copper prices

    ByVictoria
    0 Comments

    Goldman Sachs on Wednesday maintained its London Metal Exchange copper price forecasts for the next year, and said it expected the implementation of U.S. tariffs on copper imports to prevent a U.S. stock glut in the third quarter.

    Goldman forecasts three-, six-, and twelve-month LME copper prices at $9,600, $10,000 and $10,700 per metric ton respectively. The bank flagged a near-term downside risk to prices from a trade policy update due to take effect on April 2.

    Source – Reuters

  • / /

    Ivanhoe Mines Targets Increased Copper, Zinc Production This Year

    ByVictoria
    0 Comments

    The Canadian mining company on Wednesday set a 2025 production target of between 520,000 and 580,000 metric tons of copper at its Kamoa-Kakula operation. 

    Ivanhoe expects to produce between 180,000 and 240,000 tons of zinc at its Kipushi zinc-copper-germanium-silver mine.

    Ivanhoe said that during the last day of the year, a record 750 tons of zinc were produced over a 24-hour period, exceeding the operation’s nameplate capacity.

    Source – Market Watch