1542 GMT - Base metal prices rise, with LME three-month copper up 0.2% at $9,370.0 a metric ton and LME three-month aluminum up 1.7% at $2,430.50 a ton. The market isn't currently pricing in a high likelihood of a sizeable copper tariff, Goldman Sachs analysts say in a note. President Trump's administration has initiated an investigation into U.S. copper imports, and Goldman expects a 25% tariff on copper imports by mid-2025. U.S. import reliance on refined copper has doubled over 14 years to nearly 50% in 2024, on declining production and rising consumption, Goldman says. As the U.S. will need to continue importing copper to meet domestic demand in the coming years, the price of U.S. commodities exchange Comex copper has to result in a 25% premium over LME prices, rather than the existing 18%, Goldman says. (joseph.hoppe@wsj.com)
(END) Dow Jones Newswires
April 23, 2025 11:43 ET (15:43 GMT)
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