Copper and other industrial metals extended losses after US President Donald Trump injected fresh uncertainty into his trade agenda with a pledge to impose a 10% tariff on any country aligned with the BRICS bloc of nations.
That fee would be charged on top of any other tariffs and there would be no exceptions to the policy, the president said in a Sunday-night post on Truth Social. BRICS is a grouping of nations including Brazil, China, South Africa and India.
Copper fell 0.5% to $9,817 a ton by 11:31 a.m. Shanghai time, heading for its third straight decline since closing at a three-month high above $10,000 a ton last week. Aluminum was 0.5% lower as all major metals fell on the London Metal Exchange.
The latest trade twist comes as Trump’s push for new deals across the world reaches a critical stage.
The president will send tariff letters to as many as 15 trade partners on Monday, Treasury Secretary Scott Bessent said in a CNN interview. He also added that the revised tariffs will kick in on Aug. 1 and indicated that some countries may be able to negotiate beyond the president’s original deadline of July 9.
Industrial metals have fared reasonably well in recent months despite the economic uncertainty stemming from Trump’s drive to remake US trade ties with the rest of the world. Copper has been boosted by a rush of shipments to America and falling global stockpiles, while a weaker greenback has also helped commodities priced in the currency.
Iron ore futures in Singapore were little changed at $95.85 a ton after swinging between slim gains and losses.
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