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Copper|Iron Ore|Steel
Copper|Iron Ore|Steel
copper|iron-ore|steel

Copper falls as Citi predicts prices will retreat on US tariffs

19th February 2025

By: Bloomberg

  

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Copper in London declined after Citigroup flagged risks of a pullback in prices from the impact of US tariffs on demand.

The metal has risen almost 8% this year due to resilience in the physical market, while the LMEX Index that tracks the six major contracts on the London Metal Exchange closed at a three-month high on Tuesday.

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.

The spread between Comex and LME copper could widen to $1 400 a ton, from over $800 a ton now, as tariffs make the metal more valuable in the US, the analysts said.

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.

In ferrous markets, iron ore futures in Singapore were steady at around $106.60 a ton. Yuan-priced futures in Dalian were flat, while steel contracts in Shanghai edged higher.

Edited by Bloomberg

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