Copper fell 3.85% to $13,066/tonne, a seven-week low. A 15–30% US tariff looms by 2027–28, squeezing Chile and Peru as Chilean output drops 12.9%.
Key Facts
—The drop. Copper fell about 3.85% in the last week of June to $13,066 a tonne on the London exchange, a seven-week low.
—The cause. A dollar at a thirteen-month high and hawkish signals from the US Federal Reserve pressured industrial metals.
—The split. Peru’s market moves about 0.85% for each 1% move in copper; Chile’s IPSA has a far weaker link.
—The tariff. Washington may impose a 15% tariff on refined copper from 2027, possibly rising to 30% in 2028.
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