Copper Edges Lower as Macro Concerns Offset Tariff Support

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June 10, 2026 — Copper prices saw a slight decline on Wednesday as uncertainty about the state of the global economy and persistent geopolitical tension in the Middle East countered any optimism regarding future U.S. copper duties.

The benchmark three-month copper price on the London Metal Exchange declined 0.36 percent to $13,566.50 per metric ton, while China’s most actively traded copper futures contract was down 0.38 percent at 104,010 yuan ($15,354.52) per ton.

Tariff Expectations and Falling Inventories Provide Support

Despite the decline, copper continued to receive support from expectations surrounding a U.S. decision on copper import tariffs later this year.

The U.S. has proposed a potential 15% tariff on copper imports starting in 2027, followed by a 30% tariff from 2028, a move that could reshape global trade flows. Meanwhile, copper inventories in LME-registered warehouses have fallen every day since May 28, providing additional support to prices.

Inflation Data and Fed Outlook Remain Key Focus

Market sentiment was also influenced by stronger-than-expected U.S. employment data released last week, which boosted the dollar and increased expectations that the Federal Reserve could raise interest rates later this year.

Investors are now awaiting U.S. inflation data for further clues on the outlook for monetary policy, as higher interest rates typically weigh on demand prospects for industrial metals such as copper.

Other Base Metals Also Move Lower

Elsewhere on the London Metal Exchange, aluminum fell 1.54%, zinc lost 0.58%, lead declined 0.55%, nickel dropped 0.77%, and tin fell 1.86%.

On the Shanghai Futures Exchange, aluminum slipped 0.89%, zinc eased 0.2%, lead fell 0.59%, nickel dropped 2.19%, and tin declined 2.16%.