Raw copper materials will not face the high duty that had been expected, but consumer goods prices may still be impacted.

Copper traders were caught flat-footed after refined copper was exempted from Trump's new tariffs. The exemption triggered a 20% drop in copper futures on the COMEX exchange. Traders now face excess inventory, with COMEX stockpiles at a 21-year high.

The global copper market is reeling from its biggest shock yet in a year of policy surprises, violent price swings and unprecedented trade dislocation.