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Copper prices fell to a two-week low on Friday, driven by concerns that proposed US tariffs could trigger retaliatory actions and potentially ignite a trade war, slowing global economic growth.
US President, Donald Trump, recently threatened an additional 10 percent duty on Chinese imports, on top of the 10 percent tariff announced in early February. Experts from Access Bank Group warned that such measures would likely dampen economic growth in China, one of the world’s leading consumers of metals.
As a result, LME copper dropped 0.4 percent to $9,354.50 per metric tonne, marking a 2 percent weekly decline, while US Comex copper futures fell 1.6 percent to $4.55 per pound, according to Access Group.
In Europe, the copper industry is urging the European Union (EU) to limit scrap exports, particularly to China, due to a growing domestic shortage. In 2023, the EU exported a record 672,000 metric tonnes of copper scrap, nearly half of which went to China. European manufacturers warned that without stricter regulations, the region’s supply security and industrial competitiveness could be jeopardized.
Meanwhile, the Zambian kwacha continued to face pressure, closing down 0.87 percent on Friday and extending losses to a fifth consecutive session against the US dollar.
This contributed to the kwacha’s sixth straight monthly decline as demand for hard currency exceeded available supply.
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