Copper Prices Retreat as Trade War Unnerves Markets
A couple of weeks ago, the price of copper was soaring as America stockpiled ahead of its recently announced tariffs. Major players like Trafigura and Mercuria even forecasted that prices could hit $12,000 per ton. Following the announcement of the reciprocal tariffs by President Trump though, the red metal’s rally reversed into a fully-fledged crash, with investor concerns that the new tariffs will negatively influence global demand for copper increasing. The crash was further fueled by Beijing announcing that it’d levy a 34% tariff on all American imports starting April 10. Shares for major mining firms like Rio Tinto, BHP…