Copper holds range as tariff and oil inflation worries limit trade
In short
Copper prices stayed stuck in a narrow range. Traders were cautious because of possible US tariffs and worries that higher oil prices could push inflation up.
China’s copper scrap shortage helped demand for refined copper, but record-high US inventories capped gains. The reporting does not say when the tariff issue will be resolved.
What the reporting says
Copper prices remained range bound as uncertainty over possible US tariffs and inflation risks from higher oil prices kept traders cautious. The summary also says China’s copper scrap shortage supported refined copper demand, while record-high US inventories and cautious buying limited gains. Goldman Sachs expects copper to average $15,400 a ton in 2027, but the current reporting does not say when tariffs might be decided or how long the range trading will last.
Why it matters
Copper stayed range bound as traders weighed possible US tariff uncertainty and inflation risks linked to higher oil prices. The report says China’s scrap shortage supported refined copper demand, while record-high US inventories and cautious buying limited upside. Goldman Sachs’ 2027 average-price view is cited, but the available reporting does not say whether prices will break out soon or how policymakers will act on tariffs.