MARKET COMMENTARY
3M LME copper traded between $8105-$9794 in April. LME copper, which began April 2025 with concerns about global trade wars, fell from $9794 on concerns about Trump’s threat to impose tariffs on semiconductor metals. Copper prices tested the lowest level since November 13, 2023 at $8105 on Monday, April 7, 2025, as investors feared a recession due to China’s retaliation against the US after Trump’s tough stance on tariffs. 3M LME copper closed April at $9125.5, down 5.83%.
Copper prices experienced losses in the first week of April following Trump's tax announcements as investors worried that new sweeping tariffs in the US would slow global growth and hurt industrial demand for metals. As a result, they tested the lowest level since March 13, 2024 at $8644 on Friday, April 4, 2025. Copper prices finished the week down 11.18% at $8690 following Trump's sweeping tariff announcement.
Copper prices started the second week of April with losses. Copper prices tested the lowest level since 13.11.2023 at $8105 on Monday, 07.04.2025, as investors were driven to automatic stops after Trump’s tough stance on tariffs and China’s retaliation against the US escalated concerns about the global trade war, raising fears of a recession. Copper prices closed the week at $9184, up 5.68% towards the end of the week, supported by a weaker dollar and improved market sentiment following Trump’s recent decision to temporarily halt heavy tariffs imposed on some countries, as well as increased risk appetite.
London copper prices tried to recover from the major losses in the first week of April in the third week of April. Copper prices fell to $9028.5 this week as trade tensions between the US and China increased and were overshadowed by positive data from China. Copper prices rose to $9279.5 towards the end of the week, supported by the market sentiment that investors expected some kind of agreement in the trade war, and closed the third week of April with a 0.76% gain at $9254.
Copper prices, which have been suppressed by the tensions of the trade wars, managed to move at a gain for three consecutive weeks in the fourth week of April. Copper prices fell to $9252.5 as Trump's increasing criticism of the Fed Chairman shook investors' confidence in the US economy. After their losses, copper prices rose to $9481.5 as Trump said import tariffs on major consumer China could be reduced, easing concerns about the trade wars, and finished the week at $9360 with a 1.15% gain.
Copper prices rose to $9480 in the last week of April on expectations of an easing of trade tensions between the US and China, but gave up their gains as the dollar strengthened, falling to $9088.5 and finished the week that ended April but began May almost flat at $9356, down 0.04%.
