Commodity Update Archives

Commodity Update – July 2024

Suppliers are trying to grasp market dynamics as they await the impacts of Section 301 tariffs.

On May, 14, the Biden administration announced several tariff increases.

With a year-to-date average of $3.99, copper has already passed last year’s average of $3.86.

Copper prices are climbing incredibly fast this month.

Prices rose early in the month but settled down with the start of the Chinese New Year on February 10.

Economic news out of China caused a steep decline in copper prices.

While some markets were dynamic through 2023, others saw continued softening.

The court ruling could shut down a mine that produces around 1.5% of the world’s copper.

Third-quarter growth in China fueled price increases for copper, but will it last?