COMEX Copper gave up much of precious day gains and edged lower by over half a percent in early Asia on Thursday to be quoting at $4.56 per pound. Yesterday, the red metal spiked by around 4% during intraday moves after the US President Donald Trump signed an Executive Order launching an investigation into how copper imports threaten America's national security and economic stability. The Order directs the Secretary of Commerce to initiate a Section 232 investigation under the Trade Expansion Act of 1962. This investigation will assess the national security risks arising from the United States' increasing dependence on imported copper, in all its forms, and the potential need for trade remedies to safeguard domestic industry. This indicates that Commerce Department is set to examine possible imports tariffs on all forms of the metal. Besides, major averages on Wall Street pulled back well off their highs of the session, weighing down the commodity. Powered by Commodity Insights |