Copper, industrial metals slide as Trump threatens 10% tariff on BRICS-aligned nations

2025-07-07 02:44:26 ET

• Copper and other industrial metals fell further on Monday after U.S. President Donald Trump added new uncertainty to his trade policy by vowing to impose a 10% tariff on countries aligned with the BRICS bloc.
• The president said in a Sunday-night post on Truth Social that the tariff would apply on top of existing duties, with no exceptions. BRICS is a bloc that includes Brazil, China, India, and South Africa.
• Copper ( HG1:COM ) fell 0.5% to $9,817 a ton, heading for its third straight decline since closing at a three-month-high above $10,000 a ton last week.
• Aluminum ( LMAHDS03:COM ) was 0.5% lower as all major metals fell on the London Metal Exchange.
• Iron ore futures ( SCO:COM ) in Singapore were little changed at $95.85 a ton after swinging between slim gains and losses.
• The US President is also expected to send tariff letters to as many as 15 trade partners on Monday, Treasury Secretary Scott Bessent said in a CNN interview.

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