COPPER

Copper Weekly Special Report based on 1 Lot Calculation:

GEOPOLITICS: US TARIFFS

• BREAKING (JULY 9): US PRESIDENT TRUMP ANNOUNCED 50% TARIFFS ON COPPER IMPORTS TO TAKE EFFECT AUGUST 1. US President Trump confirmed that a 50% tariff on copper imports will be implemented, with enforcement beginning August 1.
• LARGEST COPPER EXPORTERS TO THE U.S.A.: Chile, Canada and Mexico. accounting for 90% of all US imports. Chile is the largest supplier of Copper to the USA, accounting for 37.5% of total imports.
• IMPORTANCE: U.S.A. RELIES ON IMPORTS FOR 45% OF ITS COPPER CONSUMPTION. The U.S. relies on imports for 45% of its copper consumption, and a 50% tariff could disrupt supply chains. POTENTIAL IMPACT NEXT 30 DAYS: The decision caught a lot of manufacturers by surprise, which in turn could cause a panic stockpiling of copper before the tariffs start taking effect.

GEOPOLITICS: RUSSIA – UKRAINE WAR

• BREAKING ( MONDAY, JULY 28): TRUMP SHORTENS DEADLINE FOR RUSSIA-UKRAINE CEASEFIRE DEAL, RAISING SUPPLY RISK FOR COPPER MARKET. U.S. President Donald Trump announced a sharply reduced deadline of 10 to 12 days (down from 50) for Russia to reach a ceasefire deal with Ukraine or face sweeping secondary sanctions. The new warning includes potential 100% tariffs on countries that continue to buy Russian exports, raising fears of further disruptions in global trade. Any sanctions impacting Russian copper or key allied producers could tighten global supply and support copper’s price uptrend.

EVENTS (CHINA):

• THURSDAY, JULY 31 AT 02:30 GMT+1: CHINA MANUFACTURING PURCHASING MANAGERS INDEX (JULY): China’s manufacturing activity continued recovering, rising to 49.7 in June, up from April’s 49 and May’s 49.5. A further improvement in July could support copper’s uptrend by reinforcing expectations of stronger industrial demand.

EVENTS (USA):

• WEDNESDAY, JULY 30 AT 19:00 GMT+1: US FEDERAL RESERVE INTEREST RATE DECISION: A rate cut or dovish guidance from the Federal Reserve could provide strong support for copper prices. Lower interest rates tend to weaken the U.S. dollar and stimulate economic activity, both of which are bullish for industrial metals like copper. (PREVIOUS: 4.50%)
• FRIDAY, AUGUST 1 AT 13:30 GMT+1: US NONFARM PAYROLLS (NFP) AND UNEMPLOYMENT RATE (JULY). US labor data remains in focus as the Fed weighs its next move. June NFP beat forecasts (147,000 vs. 111,000) and unemployment fell to 4.1% (vs. 4.3% expected).

TECHNICAL ANALYSIS:

• WEEKLY MOVING AVERAGES POINT TO UPTREND: Copper prices have recently traded above the 20-, 50-, and 100-Week Moving Averages, pointing to an ongoing uptrend. However, Copper prices could also change their trend if prices fall below the 20-, 50-, and 100-Week Moving Averages.
• LONGER-TERM UPTREND CHANNEL: The black trend lines, describing the uptrend channel, are depicted on the chart below. Copper prices have maintained their uptrend in general since July 2022. However, there remains a risk of a potential breakout below this level if market conditions change.
• COPPER HIT AN ALL-TIME HIGH OF $5.9552 (July 24, 2025). Copper currently trades around $5.6, and if a full recovery takes place, then copper prices could see an upside of 6%. However, copper prices could decline as well.

GRAPH (Weekly): May 2022 - July 2025

Please note that past performance does not guarantee future results

COPPER, July 29, 2025.
Current Price: 5.60

Example of calculation based on weekly trend direction for 1.00 Lot¹

COPPER

1. 1.00 lot is equivalent of 10 000 units
2. Calculations for exchange rate used as of 10:30 (GMT+1) 29/07/2025

There is a possibility to use Stop-Loss and Take-Profit

• You may wish to consider closing your position in profit, even if it is lower than the suggested one.
• Trailing stop technique could protect the profit