Podcast by J.P. Morgan analysts on global markets, At Any Rate

At Any Rate

Podcast by J.P. Morgan analysts on global markets

Analysts from J.P. Morgan’s Research team take a closer look at the stories behind some of the biggest trends, themes and developments in markets today.

Commodities

<ul><li>Trump announced a 50% Section 232 base tariff on copper imports starting August 1st</li><li>The details of the tariff, including which products it applies to and any exemptions, remain unknown</li><li>The arbitrage between London LME prices and US Comex prices has widened following the tariff announcement, with implications for copper prices in both regions.</li></ul><p><em>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.</em></p>

Trump announced a 50% Section 232 base tariff on copper imports starting August 1stThe details of the tariff, including which products it applies to and any exemptions, remain unknownThe arbitrage between London LME prices and US Comex prices has widened following the tariff announcement, with implications for copper prices in both regions.This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

Global Commodities: 50% copper tariffs coming soon; now comes the copper hangover

Global Materials | Industrials | Commodities

Rahul Jain

<ul>
<li>U.S. Copper Market Gap: 1.3 Mt refined copper supply gap due to limited 0.4 Mt refining capacity against 1.7 Mt demand, despite 1.1 Mt mined ore.</li>
<li>Impact on Market and Users: 50% tariff may raise prices 15–25%, adding $200–400/vehicle and 3–5% construction costs, while boosting refining investment.</li>
<li>Way Forward: Expand refining capacity, streamline permitting, and ensure policy stability to process exported ore and cut import reliance by 2030.</li>
</ul>


U.S. Copper Market Gap: 1.3 Mt refined copper supply gap due to limited 0.4 Mt refining capacity against 1.7 Mt demand, despite 1.1 Mt mined ore.
Impact on Market and Users: 50% tariff may raise prices 15–25%, adding $200–400/vehicle and 3–5% construction costs, while boosting refining investment.
Way Forward: Expand refining capacity, streamline permitting, and ensure policy stability to process exported ore and cut import reliance by 2030.


U.S. Copper: Tariff Impact & Refining Expansion Opportunities

Providing investors with a balanced perspective, Massif Capital

Massif Capital Research

Providing investors with a balanced perspective

Massif Capital

Research focused on providing investors with a balanced perspective on the environmental and economic realities of achieving a carbon-neutral economy for businesses within the Energy, Basic Materials and Industrial industries.

The Massif Capital Real Asset Strategy is a global long/short equity strategy built around bottom-up stock picking. We are focused on creating a portfolio of businesses from within the Energy, Basic Materials and Industrial sectors that balance the environmental and economic realities of achieving a carbon-neutral economy.

<ul><li>Two weeks ago, we flagged our Tanker Equity Basket as a potentially interesting place to look for opportunities.</li><li>The week after we flagged it, the basket bounced, presumably on events in the Middle East, and this week has given back most of those returns.</li><li>The basket has now fallen below the 10-day moving average and is bouncing along the 200-day moving average.</li></ul>

Two weeks ago, we flagged our Tanker Equity Basket as a potentially interesting place to look for opportunities.The week after we flagged it, the basket bounced, presumably on events in the Middle East, and this week has given back most of those returns.The basket has now fallen below the 10-day moving average and is bouncing along the 200-day moving average.

Real Asset Chartbook Week #13: The Copper Surge Continues

<ul>
<li>Chinese copper inventories have dropped to 15-year seasonal lows, with SHFE stockpiles plunging 60% in April — the sharpest decline on record.</li>
<li>This signals intense physical market tightness, driven by strong demand and smelter cutbacks.</li>
<li>The trend is reinforcing bullish sentiment, tightening global balances, and spurring strategic moves across the copper supply chain.</li>
</ul>


Chinese copper inventories have dropped to 15-year seasonal lows, with SHFE stockpiles plunging 60% in April — the sharpest decline on record.
This signals intense physical market tightness, driven by strong demand and smelter cutbacks.
The trend is reinforcing bullish sentiment, tightening global balances, and spurring strategic moves across the copper supply chain.


Copper Crunch Deepens: China’s Inventory Collapse Reshapes Global Market

Head of Research and Global Chief Strategist, Steno Research

Andreas Steno

Head of Research and Global Chief Strategist

Macro and Geopolitical Research House

Steno Research

Steno Research is a new macro and geopolitical research house. We are based out of Copenhagen, Denmark, but have an international team and a strong network of sources and partners around the world. The team is lead by Andreas Steno, previous global head of strategy at Nordea Bank, and Mikkel Rosenvold, former chief consultant in the Danish Ministry of Finance.

<ul><li>Greetings from Copenhagen.</li><li>We’ve previously advocated a long tilt toward commodities, as both the U.S. and global growth outlooks are being repriced amid the reopening of trade and the sudden realization that the U.S., China, and even Europe have collectively slammed the deficit accelerator—rather than the brakes.</li><li>Everywhere you look, countries are ramping up fiscal spending to cushion the blow of tariffs.</li></ul>

Greetings from Copenhagen.We’ve previously advocated a long tilt toward commodities, as both the U.S. and global growth outlooks are being repriced amid the reopening of trade and the sudden realization that the U.S., China, and even Europe have collectively slammed the deficit accelerator—rather than the brakes.Everywhere you look, countries are ramping up fiscal spending to cushion the blow of tariffs.

The Drill – The Commodity “Super”cycle

United States

Copper is a chemical element with symbol Cu (from Latin: cuprum) and atomic number 29. It is a soft, malleable and ductile metal with very high thermal and electrical conductivity. A freshly exposed surface of pure copper has a reddish-orange color. It is used as a conductor of heat and electricity, as a building material and as a constituent of various metal alloys, such as Sterling silver used in jewelry, cupronickel used to make marine hardware and coins and constantan used in strain gauges and thermocouples for temperature measurement.

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Copper (COPPER COMDTY)

Global Commodities: 50% copper tariffs coming soon; now comes the copper hangover

Trump's announcement of a 50% tariff on copper imports starting in August has caused uncertainty in the market and could impact copper prices in...

At Any Rate

U.S. Copper: Tariff Impact & Refining Expansion Opportunities

Limited refining capacity in the U.S. leads to a copper supply gap, impacting market prices and users, with a call to expand capacity and reduce...

Rahul Jain

Real Asset Chartbook Week #13: The Copper Surge Continues

Two weeks ago, we flagged our Tanker Equity Basket as a potentially interesting place to look for opportunities. The week after we flagged it, the...

Massif Capital Research

Copper Crunch Deepens: China’s Inventory Collapse Reshapes Global Market

Chinese copper inventories hit 15-year lows, signaling tight market conditions and driving bullish sentiment in the global copper supply chain.

Rahul Jain

The Drill – The Commodity “Super”cycle

Greetings from Copenhagen. We’ve previously advocated a long tilt toward commodities, as both the U.S. and global growth outlooks are being...

Steno Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Global Commodities: 50% copper tariffs coming soon; now comes the copper hangover

Trump's announcement of a 50% tariff on copper imports starting in August has caused uncertainty in the market and could impact copper prices in...

At Any Rate

U.S. Copper: Tariff Impact & Refining Expansion Opportunities

​Limited refining capacity in the U.S. leads to a copper supply gap, impacting market prices and users, with a call to expand capacity and reduce...

Rahul Jain

Real Asset Chartbook Week #13: The Copper Surge Continues

Two weeks ago, we flagged our Tanker Equity Basket as a potentially interesting place to look for opportunities. The week after we flagged it, the...

Massif Capital Research

Copper Crunch Deepens: China’s Inventory Collapse Reshapes Global Market

​Chinese copper inventories hit 15-year lows, signaling tight market conditions and driving bullish sentiment in the global copper supply chain.

Rahul Jain

The Drill – The Commodity “Super”cycle

Greetings from Copenhagen. We’ve previously advocated a long tilt toward commodities, as both the U.S. and global growth outlooks are being...

Steno Research

Limited refining capacity in the U.S. leads to a copper supply gap, impacting market prices and users, with a call to expand capacity and reduce...

Chinese copper inventories hit 15-year lows, signaling tight market conditions and driving bullish sentiment in the global copper supply chain.