Copper price jumps on weaker dollar and tariff fears
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Copper prices surged nearly 6% on Monday, supported by a weaker dollar and investor concerns over potential US tariffs on copper imports.On the COMEX, copper for July delivery rose 5.8% to $4.949 per pound ($10,887 per tonne).The rally followed President Trump’s announcement late Friday that the US will double tariffs on steel and aluminum to 50%, starting this Wednesday.Benchmark three-month copper on the London Metal Exchange (LME) was up 0.7% at $9,572 per metric ton as of 07:06 GMT.China’s commodity markets were closed on Monday for the Dragon Boat Festival holiday.The dollar edged lower, paring gains from last week, as markets assessed the potential growth and inflation risks stemming from President Trump’s latest tariff policy.China’s manufacturing activity contracted in May for a second consecutive month, according to an official survey released Saturday, fueling expectations of further stimulus to support the economy amid a protracted trade war with the United States.(With files from Reuters)Copper and the new resource spheres of controlMINING.COM and The Northern Miner mapped global copper production through a geopolitical lens, dividing the world into five “spheres of control”: American, Chinese, Russian, Coalition of the Willing, and Undrafted.These groupings reflect geographic, social, cultural, and economic ties—as well as potential alignments in an increasingly polarized world.Explore the full infographic:Weiter zum vollständigen Artikel bei Mining.com
Quelle: Mining.com