Copper Futures Ascend 0.70% to $4.55, Seoul Argues Against US Tariffs on Korean Copper Imports

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Copper Futures Up, South Korea Seeks Tariff Exemption

On Monday, the price of US copper futures enjoyed an increase of 0.70% to reach $4.55. This upward trajectory for the industrial metal occurred as market participants reacted to adjustments in the US trade policy concerning goods imported from China.

A recent announcement from the Trump administration appeared to bolster investor confidence in the demand outlook for the commodity. Namely, the White House has stated that computers and various other technological products will not be subject to the newly instated reciprocal tariffs on China.

However, this positive sentiment was tempered by ongoing considerations within the United States regarding the imposition of tariffs on metals, including copper, based on national security grounds. This potential for future trade barriers specifically targeting metals has contributed to a widening price gap between US copper futures and comparable contracts across non-US exchanges.

In contrast to the increased attractiveness of copper in the US market following the tech tariff exemptions, data released by China’s General Administration of Customs revealed a slight contraction in the country’s copper imports during March. The figures indicated that imports of unwrought copper and copper products reached 467,000 metric tons, a 1.4% decrease compared to last year. This decline in March contributed to an overall decrease of 5.2% to 1.37 million tons in China’s copper imports in 2025. According to analysts, this year-on-year reduction in China’s copper imports during March can be attributed, at least in part, to the higher copper prices prevailing in the United States. The investigation initiated by President Trump into copper imports appears to have resulted in increased shipments of refined copper to the US market, potentially at the expense of volumes directed towards China.

Meanwhile, Seoul’s Ministry of Trade, Industry and Energy has formally asked the US government to reconsider the implementation of tariff measures on copper imports originating from Korea. Officials have asserted that copper shipments from the country are not a threat to the national security interests of the United States. Moreover, a mere 3% of copper imports to the US originate from South Korea, with the commodity being utilized across construction, water infrastructure, and other essential sectors with minimal ties to US defense.

The South Korean submission also highlighted the significant investments made by Korean battery manufacturers within the United States. They total around $46.5 billion and have generated over 10,000 jobs, with the involved companies heavily relying on copper foil sourced from South Korea for their production processes. Domestic US manufacturers could also struggle as a result of copper tariffs, as they may result in higher and, thus, less competitive prices. Existing supply chains may also be affected negatively.