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Copper tariff in effect August 1

ByVictoria

U.S. President Donald Trump sprang a double surprise on the copper market when he announced import tariffs of 50% effective next month.

The August 1 start date signals the end of the race to ship physical metal to the United States to capture the tariff arbitrage.

A lucky few with cargoes already afloat may yet cross the finishing line in time, but the physical tariff trade is rapidly unwinding.

The LME benchmark spread is now in a comfortable contango of $66 per ton, compared with a backwardation of more than $300 per ton at the end of June.

Source – Reuters

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