COPPER dropped 6.5% during the session, hitting their lowest level since August 2024 around the 78.6% Fibonacci retracement. The market is increasingly concerned about a global slowdown triggered by a trade war, which could sharply reduce demand for copper—a key industrial metal and a barometer of economic activity.
While copper is not currently subject to the metal tariffs introduced in March, recent weeks have seen numerous comments from U.S. Commerce Secretary Howard Lutnick suggesting it may be included in Trump’s protectionist agenda. The main reason behind these considerations is the growing reliance of the U.S. economy on copper imports, which the Republican administration views as a strategic risk to industry.
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