Copper

China urged the United States on Thursday to halt an investigation into potential new tariffs on copper imports to rebuild U.S. production of the critical metal, vowing to retaliate if Chinese entities got caught up in the levies.

“We urge the U.S. side to withdraw its investigation as soon as possible,” He said.

“If the U.S. insists on imposing tariffs and other restrictive measures, China will resolutely take the required steps to safeguard its legitimate rights and interests,” He said, without giving any further details.

Source – Reuters

“Copper is like the second most important thing the Defense Department uses in order to make its weapons systems. And we’re in a situation now where worldwide there’s a glut of copper,” Navarro told Schmitt. “There’s a dumping of copper into our markets. And we’ve lost our ability to both smelt copper, which is taking the ore and getting the raw copper and refine it into the products we need. And it’s a serious thing.”

Source – Independent Journal Review

“American industries depend on copper, and it should be made in America, no exemptions, no exceptions,” Commerce Secretary Howard Lutnick said. “It’s time for copper to come home.”

But while the tariffs could be positive for the domestic metals sector, implemented copper tariffs could amplify costs across several segments of the economy. Copper has a broad range of uses, and its cost is an input in the price of everything from electronics to construction materials.

Trump’s tariff probe sparked a surge in copper futures, which rose 1.76% Wednesday morning.

Source – Markets Insider

O’Shea highlights the potential impact of the Trump administration’s focus on domestic resource independence and the importance of refining capacity in the U.S. Highland Copper aims to reach a construction decision for its Copperwood asset by the end of 2025

Source – KITCO News / Video

The $1.4 billion bid made by the Chinese defence and industrial giant in June stalled after Congo state miner Gecamines submitted its own unsolicited bid for the Chemaf assets, deepening a standoff that has been complicated by U.S. officials lobbying against China’s grip on the mineral-rich central African Copperbelt.

Norinco has now proposed that the Democratic Republic of the Congo increase its interest in Chemaf’s Mutoshi and Etoile mines to as much as 15% from 5% currently – at no additional cost – subject to negotiations, said the sources, who asked to remain anonymous.

Source – Reuters

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Norinco – also known as China North Industries Corporation. Within China it is known as China Ordnance Industries Group Corporation Limited

Shipments of refined copper from the central African country jumped by 71% year-on-year to 1.48 million metric tons in 2024. The Congo is now by some margin the largest supplier of refined metal to the world’s largest buyer.

The Congo’s share of Chinese copper imports has risen from 10% in 2020 to 36.7% with volumes steadily increasing over the fourth quarter. December’s imports of 167,735 tons were a new monthly record.

Source – Reuters

Copper can sustain current levels around $9 400 a ton until early April, after which the implementation of US tariffs could see prices drop to $8 500 within three months, Citigroup analysts including Tom Mulqueen said in a research note.

Copper fell 0.4% to $9,438.50 a ton on the LME as of 10:14 a.m. in Shanghai, while other base metals were mixed.

Source – Mining Weekly

Peru’s mining ministry on Friday said copper output in 2024 amounted to 2,736,150 metric tons, down 0.7% from 2023. The drop marked the copper giant’s first decline after four straight years of recovery following the pandemic.

Source – Mining.com