Aug. 4 at 5:49 PM
Copper Rises Slightly After Tariff Shock; Gold Gains on Rate Cut Hopes
Copper (HG_F): LME 3-month copper rose 0.5% to
$9,677.50/ton but remains down for the week after President Trump unexpectedly exempted refined copper from new U.S. tariffs. The move erased a >20% Comex premium, leading to record-high U.S. copper inventories—highest in 21 years—raising re-export risks and bearish pressure on global prices, per ING.
Gold (GC_F): Futures climbed 0.8% to
$3,426.70/oz as soft July jobs data boosted Fed rate-cut expectations. Goldman Sachs now forecasts three 25 bps cuts starting in September, possibly 50 bps if unemployment rises. A weaker dollar adds further support, enhancing gold’s appeal to international buyers.
$CPER $SPX