Copper futures held steady at around $4.28 per pound on Friday, indicating little movement for the week after experiencing significant volatility.
Copper prices stable amid tariff concerns
This fluctuation was primarily driven by growing concerns over U.S. President Donald Trump’s tariff threats. Trump recently reiterated plans to impose a 25% tariff on imports from Mexico and Canada, which are set to take effect on Saturday. In comparison, a 10% tariff on Chinese goods remains under consideration. Additionally, the President unveiled proposals for tariffs on key imported goods, including chips, pharmaceuticals, steel, aluminum, and copper, to boost domestic production.
China's manufacturing slump hits copper demand
On the demand side, in China, the world’s largest copper consumer, new data showed an unexpected contraction in manufacturing activity for January. With Chinese markets closed for the Lunar New Year holiday, trading volumes are expected to be lower than usual.
