Base metal prices fell, though copper and aluminium both up on-week, and Goldman Sachs said that assuming no exemptions, aluminum and steel tariffs will largely be passed through to U.S. prices only.

U.S. copper futures jumped to the highest in nearly nine months after President Trump said he would impose 25% tariffs on all steel and aluminum imports.

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Copper is one of the most volatile commodities in global markets due to its strong ties to industrial demand and supply chain challenges.