Copper futures pulled back modestly from record highs after the sharp rally triggered by looming U.S. import tariffs. Prices surged sharply following President Trump’s announcement on July 9 of a 50% copper import tariff, set to take effect August 1. The initial spike saw copper prices soar to unprecedented levels, driven by fears of supply disruption and a scramble to front-load shipments. This buying spree drained inventories on the London Metal Exchange (LME) and in Shanghai, while premiums for U.S.-delivered copper spiked. Now, with the import window closing and physical deliveries peaking, prices have begun ... (full story)