Tariffs to Keep U.S. Copper Prices High, With Big Imports Continuing -- Market Talk

Dow Jones

Apr 01, 2025

1306 ET - High American copper prices and outsized imports of the industrial metal into the U.S. look set to continue for some time, TD Securities' Bart Melek and Ryan McKay suggest. The strategists note the price gap between nearby U.S. copper futures and the global benchmark London Metal Exchange has widened to a record $1,589/ton as traders priced in the likelihood the Trump administration's promised 25% import tariffs on copper will be imposed sooner than expected. They think the price differential will be a reality for the foreseeable future since the U.S. will remain a very large copper importer, shipping in around 800,000 tons from foreign sources to meet demand for 1.7 million tons. A 25% tariff may make U.S. mines economic, but it will take years to build new mines and reopen U.S. smelters, they say. (robb.stewart@wsj.com)

(END) Dow Jones Newswires

March 31, 2025 13:06 ET (17:06 GMT)

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The strategists note the price gap between nearby U.S. copper futures and the global benchmark London Metal Exchange has widened to a record $1,589/ton as traders priced in the likelihood the Trump administration's promised 25% import tariffs on copper will be imposed sooner than expected. They think the price differential will be a reality for the foreseeable future since the U.S. will remain a very large copper importer, shipping in around 800,000 tons from foreign sources to meet demand for 1.7 million tons. A 25% tariff may make U.S. mines economic, but it will take years to build new mines and reopen U.S. smelters, they say. (robb.stewart@wsj.com) \n</p>\n<p>\n  (END) Dow Jones Newswires\n</p>\n<p>\n  March 31, 2025 13:06 ET (17:06 GMT)\n</p>\n<p>\n  Copyright (c) 2025 Dow Jones &amp; Company, Inc.\n</p>\n</font>","source":null,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Tariffs to Keep U.S. Copper Prices High, With Big Imports Continuing -- Market Talk</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nTariffs to Keep U.S. Copper Prices High, With Big Imports Continuing -- Market Talk\n</h2>\n\n<h4 class=\"meta\">\n\n\n<div class=\"head\" \">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Dow Jones </p>\n<p class=\"h-time\">2025-04-01 01:06</p>\n</div>\n\n</div>\n\n\n</h4>\n\n</header>\n<article>\n<font class=\"NormalMinus1\" face=\"Arial\">\n<p>\n     1306 ET - High American copper prices and outsized imports of the industrial metal into the U.S. look set to continue for some time, TD Securities' Bart Melek and Ryan McKay suggest. The strategists note the price gap between nearby U.S. copper futures and the global benchmark London Metal Exchange has widened to a record $1,589/ton as traders priced in the likelihood the Trump administration's promised 25% import tariffs on copper will be imposed sooner than expected. They think the price differential will be a reality for the foreseeable future since the U.S. will remain a very large copper importer, shipping in around 800,000 tons from foreign sources to meet demand for 1.7 million tons. A 25% tariff may make U.S. mines economic, but it will take years to build new mines and reopen U.S. smelters, they say. (robb.stewart@wsj.com) \n</p>\n<p>\n  (END) Dow Jones Newswires\n</p>\n<p>\n  March 31, 2025 13:06 ET (17:06 GMT)\n</p>\n<p>\n  Copyright (c) 2025 Dow Jones &amp; Company, Inc.\n</p>\n</font>\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"03650","symbol_name":"KEEP","start_time":0,"source_url":"https://dowjonesnews.com/newdjn/logon.aspx?AL=N","article_id":"2524892044","we_media_id":"106","thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2524892044","pubTimestamp":1743440760,"columns":[],"sourceInfo":null,"weMediaInfo":{"media_name":"Dow Jones","introduction":"Dow Jones publishes the world’s most trusted business news and financial information in a variety of media.","home_visible":0,"id":"106","head_image":"https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99"},"summary":"1306 ET - High American copper prices and outsized imports of the industrial metal into the U.S. look set to continue for some time, TD Securities' Bart Melek and Ryan McKay suggest. The strategists note the price gap between nearby U.S. copper futures and the global benchmark London Metal Exchange has widened to a record $1,589/ton as traders priced in the likelihood the Trump administration's promised 25% import tariffs on copper will be imposed sooner than expected. They think the price differential will be a reality for the foreseeable future since the U.S. will remain a very large copper importer, shipping in around 800,000 tons from foreign sources to meet demand for 1.7 million tons. A 25% tariff may make U.S. mines economic, but it will take years to build new mines and reopen U.S. smelters, they say. ","collect":0,"end_time":0,"defaultTopTitle":"","property":[],"viewcount":null,"language":"en","relate_stocks":{"03650":"KEEP","BK1215":"特殊消费者服务"},"translate_title":"关税将使美国铜价保持高位，大量进口仍在继续——市场讨论","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"03650":1},"content_text":"1306 ET - High American copper prices and outsized imports of the industrial metal into the U.S. look set to continue for some time, TD Securities' Bart Melek and Ryan McKay suggest. The strategists note the price gap between nearby U.S. copper futures and the global benchmark London Metal Exchange has widened to a record $1,589/ton as traders priced in the likelihood the Trump administration's promised 25% import tariffs on copper will be imposed sooner than expected. They think the price differential will be a reality for the foreseeable future since the U.S. will remain a very large copper importer, shipping in around 800,000 tons from foreign sources to meet demand for 1.7 million tons. A 25% tariff may make U.S. mines economic, but it will take years to build new mines and reopen U.S. smelters, they say. (robb.stewart@wsj.com) \n\n\n  (END) Dow Jones Newswires\n\n\n  March 31, 2025 13:06 ET (17:06 GMT)\n\n\n  Copyright (c) 2025 Dow Jones & Company, Inc.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":true,"code":"91000000","status":"200"}}}