Goldman Sachs estimates a 50% probability of a 10% US tariff on copper by the end of the first quarter of 2024. The bank's analysts believe this is similar to their own subjective probability of a 10% effective tariff on copper by year-end. The news comes as President-elect Donald Trump is set to deliver his inauguration speech, with traders anticipating clues about his trade policies.
Goldman Sachs on Monday said the copper market is pricing in odds of about 50% that there will be a 10% US tariff on the metal by the end of the first quarter of this year.
Three-month copper on the London Metal Exchange eased 0.3% to $9,167 a metric ton as at 0706 GMT after reaching a one-month peak last week. Brent crude futures traded around $80.69 a barrel, while the more active US West Texas Intermediate crude April contract was steady at $77.36. Spot gold prices were up 0.3% at $2,708.77 per ounce while US gold futures were little changed at $2 749.70.
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