City group: Copper prices are threatened to drop to 10% within weeks

Max Leiton, head of global research for basic commodities at City Group, expected basic commodity prices to fall generally as a result of the latest package of customs duties imposed by the Trump administration. Lighton explained in an interview with ‘Bloomberg’ television that copper prices are especially a candidate to decline between 8% and 10% in the coming weeks. The price of buyer fell 3.4% on Thursday, with the fear that the major customs duties imposed by US trading partners could undermine global demand, at a time when traders were preparing to impose import fees that specifically target red metal. Trump’s fees hit the commodities. Leiton indicated that the new commercial policy would lead to lowering production costs, either by droping in oil prices or by carrying the losses of the producers in the margins of profit, during a period of six months to 12 months. The new drawing package imposed by President Donald Trump on the United States trade partners, from China to the European Union, has driven oil prices on the largest frequency since 2022. The falling momentum was also exacerbated by the sudden step that the ‘OPEC+’ took to increase production faster than previously announced. Lighton concluded by saying: “The current situation forms an opportunity to adopt landmarks and open sales centers during the next three months.”