Copper prices have enjoyed a solid first week of trading in 2025 with the futures market currently boasting gains of almost 8%. Notably, the rally in copper prices this week comes amidst a fresh uptick in USD and against a backdrop of heightened uncertainty around expected Trump tariffs ahead of his inauguration later this month. On the USD front, strong US data this week (ISM services & JOLTS jobs) have further strengthened hawkish Fed expectations on the back of the guidance given in December. Indeed, last night’s FOMC minutes confirmed the Fed’s outlook on slowing the pace of easing against current inflation ... (full story)