Trump Announces Higher-Than-Expected Copper Tariff

Comex hit a record high after Trump announced a 50% tariff on copper imports, surprising the market which expected only 25%. This would be the first time copper faces import duties in the US, potentially leading to more buying before tariffs take effect and risking demand destruction. US copper prices are up over 40% this year due to front-running of tariffs.

Brent crude oil prices climbed back above $70/bbl despite tariff uncertainty and OPEC+ increasing supply for August. Tensions in the Middle East and tight near-term market conditions provide support. API reported bearish data on US crude inventories, while EIA revised lower US crude oil production growth estimates for 2025 and expects flat growth in 2026.

Read more at Investing.com: Trump’s Larger-than-Expected Copper Tariff Shocks Market