Citi expects the United States to confirm a 50% copper import tariff under Section 232 within weeks
implementation expected within 30 daysbank revised its base case for the tariff, projecting the COMEX-LME arbitrage to price at 25-35% of London Metal Exchange levels, or $2,300-$3,300 per tonne, compared to its earlier forecast of 15-20%.
“This should catalyse a pullback in ex-US pricing to $8,800/t on a 0-3mth view”
Extra info via Reuters
This article was written by Eamonn Sheridan at www.forexlive.com.